Tips For Preparing For The Last Quarter of Your Fiscal Year

Companies can see a lot of activity near the end of the year, and when it comes to finances, it’s no different. A company’s last quarter can often be a make-or-break moment when it comes to making record profits and setting up for even more success in the coming year. So how does a business work with its business CPA to prepare for a great end to the fiscal year? Here are three of the most common steps to take in order to set up a business for current and continued success.

Conduct an Inventory Assessment

One of the first tasks a business should tackle when preparing for the last quarter is to conduct an inventory assessment. This helps you understand where your business has many of its assets tied up. If you find that you have a lot of inventory ready for the holiday season or have substantial inventory that just isn’t moving, this can help you and your small business accountant what you will have to carry over into the next year. This inventory assessment may also be able to point to potential problems when it comes to tax preparation and meeting your financial goals in the first quarter of the new year.

Evaluate Your Goals

Once you have assessed your inventory, the next step is to evaluate your company’s goals. Goals can be bigger than just want it says is your business bank account. The fourth quarter is often the most important for a business. For retail businesses, it can be the quarter where most of the yearly profits are made. For seasonal businesses that are active in the spring and summer months, the last quarter can be quiet, but also be a great time to reflect on what changes can be made to meet bigger and better goals.

The first step in evaluating goals is looking to see whether you met all of your goals that you had for the year up to the fourth quarter. If your company hasn’t yet met those goals, can they still be met within the last quarter? Once you have a better understanding of where you are, you can adjust goals and make sure that you are striving for success at all times.

Prepare For The Coming Year

The last step you need to take in the fourth quarter of the fiscal year is to make plans for the upcoming year. Tax preparation can sometimes be complicated, especially for new businesses, so it is important to have a small business accountant assisting you with getting ready for the new year. Working with a business CPA before the end of the fiscal year can make sure that next tax season goes smoothly.

Getting prepared to meet goals in the last quarter can help you set your business up for lasting success. With the right mindset and help from the right financial professionals, you can make sure that your business is ready for anything.