By Jody Padar
Don’t look now but year-end (and tax planning time) is around the corner. Try these five financial tips for small businesses to help you close out 2013 on a high note.
- To SHOP or not to SHOP: There’s lot of confusion surrounding the Affordable Care Act’s Small Business Health Options Program (SHOP) and the benefits it creates for employers and employees. While this (like many aspects of Obamacare) is still evolving, there’s no reason not to learn about it and follow its progress.
- Do some pre-holiday planning: Holidays are hectic enough without trying to squeeze in your end-of-year closeout. Do the heavy lifting now so you can toast the New Year in style, free from financial backlog burdens.
- Get your head in the clouds: While it is not recommended to change accounting systems in Q4, if you haven’t done so already, make 2014 your year for cloud conversion and reap the benefits of a 360 financial snapshot anytime, anywhere, on any device.
- Party like it’s 1999 in 2014: Holidays are hectic enough without trying to squeeze in your end of year close out. Do the heavy lifting now so you can toast the New Year in style, free from financial backlog burdens.
- The $50,000 question: You are NOT required to provide health insurnace if you have under 50 employees. Whether or not SMBs are required to provide health care is currently the most frequently asked question about Obamacare.
- Proper Planning Prevents Poor Performance: Start budgeting for 2014 now. Don’t wait for the New Year to set new goals – look and plan ahead and Q4 is the perfect time to do it.
Jody Padar (@JodyPadarCPA), a certified professional accountant, is a Xero partner and CEO and principal of New Vision CPA Group.