During World War II, pilots coined the phrase “flying blind” when they couldn’t see the horizon and needed to rely on the plane’s flying instruments. Pilots must be able to confidently rely on these devices to guide them.
What tools are you relying on to guide you through your business decisions? Are you flying blind, or do you have the right instruments in place to show you the way?
As year-end approaches, the things you should be on top of should include the following:
- Year-to-date cash receipts and disbursements summarized into accounting software
- Bank and credit card accounts reconciled to date
- Profit & Loss statement and Balance Sheet account activity properly classified
- Retained Earnings matched to prior year ending balance
- YTD payroll reconciled to payroll reporting
- Budget vs. Actual report reviewed and analyzed
- Profit & Loss statement and Balance Sheet reviewed and analyzed year over year
- Budget and Cash Flow projection prepared
- Estimated taxes paid
- Tax accountant called regarding year-end tax planning
- Gather information to complete 1099’s
- Contact CFO Your Way to get you through this list
If these items are not on your business “To Do” list, you should ask yourself “Why not?”. Keeping your accounting records up to date and in good shape is equivalent to a pilot keeping his/her plane in top condition. When the very instruments we rely on are unreliable, we are “flying blind”.
CFO Your Way offers financial expertise and support services customized to meet your needs. So, contact us. We will help and guide you through the list.
Assistance is just a phone call away. Schedule a Complimentary Consultation to discuss your needs.