Ilove working with business owners! I enjoy both large and small business involvement, public and private companies, domestic and international. My focus though, is on that one person or those few who had the dream, drive and un-stoppable spirit to make thoughts and ideas reality. They are the kind of people who generally have taken a passion and found a way to call it a business. These entrepreneurs work hard, smart and are dedicated to quality products and services. They like innovation or taking something old and making it relevant again but in a new way. They see beyond the obvious. Why do I love working with them? I know that when these kinds of people produce a product or service the consumer wins. It’s not all about the business owner or the company bottom line for them. It’s often about fulfilling a destiny, creating a legacy or contributing to community.
There is something else about these kinds of passionate people. They usually wear many hats. Even when they have employees and appointed officers in the company, those visionaries are compelled to oversee it all. Things have to be just right. Sadly, what may be neglected, mostly because of a lack of time, is financial and strategic planning. This is where I like to help. This is my professional passion. Tax planning and preparation, accounting and financial statement preparation as well as business management and consulting have been a life-long vocation for me. As we celebrate holidays and begin a New Year, here are ways to make sure that you as a business owner have prepared for 2013 reporting, record safe-guarding and tax preparation.
- Accounting Records – Bank statements and business credit cards need to be reconciled to the general ledger. If you have outstanding receivables and/or payables, also reconcile these aging reports. If you have product, do a physical inventory. Have a good filing system and supporting documents for all expenses and records of your sales. Backup your system as of your fiscal year-end.
- Payroll and Human Resources – There are deadlines for supplying tax documents to employees, independent contractors and the government. Know the dates, file on time and make sure the numbers are accurate and reconciled. If you have employees, consider evaluations, raises and bonuses. Consider retirement planning and contributions for qualified employees and don’t neglect yourself!
- Your Online Presence – Consider and review your online presence for targeted reach. Review your site for accuracy and make sure links still work. Consider new social media sites and claim your name! Set up Google alerts to monitor your reputation.
- Taxes – Gather records your Accountant will need to prepare tax returns. This will include the Accounting reconciled statements, financial reports, a list of capital purchases as well any changes to your business. Review the benefits of changing your business structure.
- Plan for the New Year – Set up record keeping files. File state annual reports and submit any Articles amendments. Prepare budgets. Enjoy your passion!
Tonya Seay is a graduate of the University of South Florida’s College of Business, Bachelor of Science Accounting Program. Continuing education courses also through the University of South Florida include Not-for-Profit Development and Fundraising; The Financial Planner Certificate Programs Fundamentals, Insurance Planning, Income Tax Planning, Investment Planning, Retirement Planning, and Estate Planning. Tonya has held positions in the management of accounting and finance at both private and public companies, small and large, non-accounting industries and accounting/tax firms. Her firm Strategic Success Builders, LLC focuses on Tax planning and preparation for businesses and their owners. Tonya was honored this year as a nominee for the Tampa Bay Business Journal Woman of the Year. She is the founder of ENGAGE, a Network for Evolving Entrepreneurs and board member of Unthink.