The holiday season is finally here! Gift-giving, family get-togethers, decorations, taxes, year-end…
While the holiday season brings lots of cheer and good times, it also brings the busiest time of year for accounting professionals. As we approach year-end, it’s important to take preemptive measures in order to tackle the season with ease! So, here are some things you can add to your to-do list this week.
Take a Look at Your Processes
Year-end can get pretty hectic — especially when your processes are hurting you more than they’re helping. Before things get hectic, you should go ahead and take a close look at your processes. Try to find chinks in your armor and address them before they become a serious problem. Involve the rest of your team too! This is a great time to reflect on the last year-end and discover what worked… and didn’t.
Automate Where You Can
The old adage still rings true: work smarter, not harder. Automation is not your enemy. In fact, automating some of your more simple processes can save you a lot of precious time at year-end. Apps like Zapier help with all the repetitive tasks that would otherwise eat into your day.
One of the many challenges that come with each year-end is change. You want to ensure you’re up-to-date on any tax regulation changes well ahead of time. Be sure to follow relevant industry news sources and have the rest of your team do the same.
You don’t want to be drowning in paperwork come year-end… so it might be time to get organized. Not only should your processes be well-documented, but they should also be stored away safely where every member of your team has access; likewise, all financial statements you have gathered should be organized and easy to locate. If you haven’t made the switch to paperless yet, take a look at our guide on making the jump!
Tackle Those 1099s
Perhaps one of the MOST headache-inducing parts of the year-end is the 1099s. There are lots of little details you won’t want to miss, so it’s best to go ahead and start gathering all the information you need. Look through vendor information, collect W9s, and double-check that your clients haven’t missed any of the commonly overlooked services.
We know year-end is stressful, so here’s one last word of advice: take care of yourself. Remember that your ability to perform well at your job depends on how well you feel. It might be a good idea to take some time off before the busy season is in full swing — or even just find some ways to relieve stress ahead of time. Maybe just working on a puzzle, sitting outside with a cup of coffee, or carving out an hour for friends will help you maintain your sanity as the year closes out. Remember to take time for yourself in the midst of all the chaos.
Be sure to check out our other story on how to make sure your clients are prepared for year-end — and good luck from your friends at Aero!