Back to School & Back to Work

Unfortunately, summer is nearing its end, and as school children return to their studies, businesses that are getting ready for the next quarter – and to file their taxes in the first quarter of 2014 – should take some time to get ready for the end of the year.

Work with your different department managers to make sure the proper processes are being followed for collecting financial data. This includes expenses, mileage reimbursement, new hires, and other crucial financial information. Reporting accuracy not only ensures a prompt tax return, but will reduce the chances of being audited. Reminder emails, or notes on company newsletters and internal websites, are also a great way to keep everyone on the same page.

Do not forget that the coming quarter is usually a very busy one for most businesses, so make sure everyone is prepared! Review calendars for projects, and check to see that coordination exists between different departments. Communication is crucial in any business, especially during busy times.

It is also a great idea to order supplies and other items that your company will be using up until the end of the year. Of course, the expenditures for these goods and services need to be recorded, so that the proper filings can take place at tax time. In addition, placing orders now for goods and services used in your process makes sure goals can be achieved, and projects completed.

If your company engages in any type of charitable work, the proper records need to be kept for tax and other financial purposes. The end of the year is also holiday time, when many companies are planning to participate in charitable events and programs. Alert employees about the importance of keeping records, and asking charities to send thank you letters for your records.

Sure, the days might be getting shorter, and the temperatures are cooling off, but being ready for the end of the year will pay off big for 2014!

prepared by Michael J. Agetstein, CPA, PFS, Chair of the Tax Department

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