The SME owner’s year-end to-do list
As the end of the year approaches and a new year beckons, it might seem like there are a million and one things to do. We’ve put together a handy guide to help you get organised.
The end of the year might be time for all things festive and celebratory, but small business owners would be all too familiar with the year-end work rush. Whether you are rushing to meet orders or simply getting your business geared up for the year ahead, the end of year can seem like a mad rush.
To minimise the stress of trying to handle everything all at once, it’s worth putting together a to-do list. While you do this, think about which tasks are bigger priorities for your business. Is it getting your financials in order for tax season, or is it conducting a comprehensive business review to improve the way your business works?
For most SME owners, the end of the year is a good time to get a head start on tax preparation for next year’s tax season. If staying on top of your bookkeeping is a perennial challenge for your business, it’s worth considering using an accounting platform like Xero or Financio to keep your accounts updated and accurate. Your account on these platforms can easily be linked to your DBS business bank account, so all transactions are reflected in your accounts in real-time. This can be a godsend when preparing for tax season.
Remember to file your income tax return by the year-end – it’s now mandatory for all companies to e-File from YA 2020 onwards.
Reviewing your credit card summary
Aside from preparing your actual accounts for tax season, it’s a good practice to review your credit card summary so you can identify expenses that might be tax-deductible, such as advertising fees and business licensing fees. If you don’t already have one, it could be a good time to get a corporate credit card for your business. A corporate credit card like the DBS World Business Mastercard or the DBS Visa Platinum Business Card can help you consolidate all your business-related expenses in one place so it’s easier to keep track of them. In addition to accruing reward points that you can use to pay for a well-deserved treat, corporate credit cards will give you access to exclusive promotions that can be enjoyed all year round.
Taking stock of your business needs
Keeping your expenses all in one place is but one advantage of a corporate credit card. It’s also a convenient and fuss-free way for your business to make essential business-related purchases – whether supplies or equipment – without a significant cash outlay. This means always having a source of capital on hand, for when your business needs a significant working capital or even a commercial property finance boost. This could be to purchase important equipment, or even to ramp up inventory. Alternatively, you could also consider the DBS Working Capital Loan for your immediate needs – especially if these new purchases can help you improve the long-run profitability of your business.
Reviewing your business processes
The end of the year is also an opportune time to conduct a review of your business processes. Are there processes that can be carried out more efficiently through automation, or is it time for a new marketing campaign to give your business a boost? If you’ve answered yes, consider DBS Start Digital as a starting point to streamline your business processes. Whether it is automating your human resource functions, accounts, or implementing an online marketing plan, you’ll find solutions to help your business run like a well-oiled machine.
Recharging for the year ahead
Finally, it’s important not to neglect your own needs. Running a small business can take its toll, so be sure to rest and recharge when you can. If going on a holiday is not an option, consider a weekend retreat or staycation at a local resort just to catch a breather. Be sure to put aside pockets of time every day for rest and relaxation – even if it means just taking a leisurely stroll at a nearby park. At DBS, we understand that you do your best work when refreshed – which is why our products aim to help you live more, and bank less.
For more information on how you can get your business 2020-ready with DBS products, click here.
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