If you’re like most small business owners, this is the most hectic time of the year. Here are four?things every small business owner can do to finish 2014?strong.
1. Know which?clients owe you money.
You’ll find that in your accounts receivables aging report. Your accountant or bookkeeper can print that report for you. Any client that owes you money for more?than 20 days should probably be given a gentle reminder as to when payment is due. Remember, the sale is never completed until your business gets paid.
2. Do some year-end tax planning.?
Speak to your accountant before Dec.?31.?Ask?if it makes sense to pre-pay some bills due in 2015 this year, such as?insurance premiums, to manage your tax liabilities for 2014. It’s perfectly legal and every?small business will have a different cash position and tax liabilities so the answer may be quite different depending on the situation of your small business. Also, don’t assume your accountant is keeping tabs on this. Ask.?
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