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It’s the Seventh Inning Stretch for 2018

7th inning, baseball, accounting, end of year, planningThe seventh inning stretch has been one of baseball’s most cherished and fascinating moments.  Deeply rooted in tradition and entwined with love for the game, fans concur that baseball wouldn’t be the same without this joyful break in the action.   After several innings past the halfway point of the game, entire ballparks stand, shake out their legs, and sing “Take Me Out to the Ballgame”all in preparation for the end of the game.   With many competing theories as to the origin of this long-standing ritual, few can argue that this quick break after the top half of the seventh inning is the American baseball standard.

In similar fashion, October represents the 7th inning for the calendar year.  Amid the course of annual human events, October is a good time to consider the financial home stretch.  How will 2018 round out, what’s on the horizon for the postseason in 2019, and what financial goals need to be in place to prepare for next year?  baseball, 7th inning stretch, year end, accounting, analogyWhat can business owners do now to prepare and start the New Year on an upswing? Here’s a checklist of ideas to do now and finish the year strong:

  • Verify 1099 information –  Vendor information needs to be set up accurately.  Verifying that 1099 information is properly set up in the accounting system, and if not, ask now to make the necessary corrections before year end.

 

  • Create budgets for next year – If the company’s fiscal year aligns with the calendar year, start budgeting now for the New Year.  A projection of income and expenses can help develop a variety of reports to set specific business goals and financial targets.

 

  • Look at the profit and loss – In conjunction with budgeting, it’s important to know where things stand now, rather than after the first of the year.  If more profit is available than expected, maybe consider making a major purchase that can be deprecated next year. If less profit is available, looking at reducing expenses for the rest of the year may be the best strategy.

budgeting, fiscal responsibility, accounting, year end

  • Make a copy of your calendar – Most everyone uses some form of calendar to keep track of their work life.  Meetings, travel, conferences, even mileage are valuable records and can help support a year’s worth of client information, accounting records, or marketing efforts.

 

  • Have a strategic planning session – now is the perfect time to meet with the leadership team, advisory board, consultants, and staff in preparation for the future of the business.  Gathering feedback, discussing strategy and ideas, along with collaborating on new ventures can be the best way to outline the future of the business.

 

  • Write out accomplishments – Documenting and sharing accomplishments for the year can bring in momentum and enthusiasm to finish the year strong.  Staff will appreciate it!

 

Stand up, stretch, and sing along…Let’s get ready to finish the year strong!  

 

By Susan Amsler

October 15, 2018

 

Randolph Business Resources, LLC.
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