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Annual Financial Checklist for Small Business


You got reports on your progress all through school. To stay on track, your small business needs them, too. Here are things you should do at least once a year.

  • Accounting procedures. Check your cash control records, bank reconciliations and month-end reports to make sure everything is current and adheres to the latest accounting standards.
  • Current Finances. What are your projections for income, expenses, inventory and retirement contributions for the year? How do the actual numbers compare?
  • Debt evaluation. Has your debt load increased? Is now a time to reevaluate spending?
  • Financial goals. Have you set personal and business goals for your business for next five years? If so, are you on track to meet them? If not, what changes should be made to deliver the results you desire?
  • Banking tools. Schedule a meeting with your banker to make sure you’re taking advantage of the latest time- and money-saving small business banking tools, including remote deposit, card-based solutions, security tools, paperless lockbox, among others.
  • Risk assessment. What threats, both internal and external, pose the greatest threats to your business’s future success? How do you anticipate addressing them?
  • Opportunities assessment. Review the list of business opportunities – new products, new partnerships, etc. – that you have considered in the past year. Are there new ones to add to the list? How might they impact your financial picture?
  • Insurance coverage. Confer with your insurance broker to make sure your business, health, disability and auto insurance are still adequate for your needs.
  • Tax review. Meet with your accountant to determine if you are taking maximum advantage of tax-reducing strategies.
  • Will and estate plan. Assess any changes in your business or personal status and update your plan according.
  • Credit bureau check. Federal law entitles you to one free credit report annually from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. To obtain that report, go to www.annualcreditreport.com.
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