Although in our daily professional work one day happen to another with little difference, and the New Year does not involve any news on the business dynamics, the fact is that the change in fiscal year coincides with the calendar year, and should take action in anticipation the new business year to avoid unpleasant surprises. So at least recommend specialists in industry and business advice. And is that improvisation is a bad counselor in entrepreneurship.
So, the first thing you should do any standalone or enterprise, regardless of size, is an accounting budget. I.e. to establish a roadmap of what will or is expected to be the year ahead in terms of income and expenses. This will set a path to follow throughout the year, and will be easy to check each month or quarter if they are met or not forecasts.
In this sense it is very important to be realistic in the estimate of revenue and expenditure demanding as useless fool with unfounded optimism. Accounting practices always eventually prevail. These budgets will be more complex the higher the volume of the company.
The budget revenue and expenditure is crucial information to know if during the business year ahead may be returned or business loans, which are often the most important charges of any business.
If advancing the course we see that we cannot meet expectations and that revenues are insufficient to cover costs – something that will detect immediately if we have an accounting estimate made with rigor – have two options: ask for more funding (if you can access it) or reduce expenses.
It reached this point, and once reduced wasteful spending, not be forced to reduce one of the major costs of any company, the staff.
In this sense, it is highly recommended that the employer has taken a good HR policy, marked by transparency in financial reporting. If so, chances are, or easier, workers bet for a small pay cut or day to maintain the viability of the company.
Make a simulation of fiscal closure is another key initiatives in anticipation of the financial health of any company, since any commercial activity which ultimately leads to taxation will be a financial outlay to be able to assume.
Also, make a tax pre-close of corporate taxes that will be charged in July can serve to optimize the payment, because there are several points that can be reviewed from one year to another. These are:
1. Possibility of reducing the tax rate in the case of maintaining employment.
2. Conduct a detailed and thorough inventory, where we can take down all those obsolete goods.
3. Check that any sales in the previous year due to be delivered or performed in the current, causing a difference in the tax burden.