Don’t Look Now, But We’re Two-Thirds of the Way Through 2024
Which begs the question…
How is your business doing?
Most business owners will say things are fine. Or busy. Or great. But that answer is usually just rooted in a gut feeling. And we all know how we feel about gut feelings here at Walsh Accounting.
To truly know where your business stands at the two-thirds pole of 2024 and to optimize the rest of the year, we’ve compiled a few immediate to-dos…
Compare Against Last Year
Look at your profit and loss statement from the first half of 2023. Compare them against this year’s first half. How is revenue tracking? Expenses? Profitability? Look for trends and anomalies.
Review 2024, YTD, Month to Month
Sit down with your accountant or bookkeeper and look at 2024 financials year-to-date. Then chart revenue against expenses, month over month. Again, you’re looking for consistency, growth, anomalies, etc. Consider forecasting your revenue and expenses through the end of year.
Book Time with Your Tax Accountant
They’re about to get super busy after the calendar turns to January so it makes sense to grab some time with them now. Give them a sense of where the business is year-to-date and how you can expect to round out the year. This will help with tax planning. It will also help with any estimated quarterly payments you’ll need to make on September 15, 2024 and January 14, 2025.
Make Sure You’re Maxing Out Your 401(k)
As a business owner, this is a must. The more you can optimize your 401(k), the more your future self will thank you.
Wondering How Else You Can Prep for Year End and a Great 2025?