Lis Lee Accounting LLC

It’s been a bit quiet over here as I’m coming off of two weeks of unplugged time in which I was able to take a full week completely off from work (little bits of behind the scenes work sandwiching that full unplug) and I’m feeling refreshed and ready to push through the end of 2020 strong.  This in itself was a huge accomplishment (will have to post on that later) resulting from me investing time and resources into my business to create systems that allow me to take a true break.  To be fair, it wasn’t actually quiet as I’ve had family here with LOTS of kids in this house so there’s that haha – it was a blast and just what I needed.  

To get back to it, this week’s post coincides perfectly with the end of Q3 and the beginning of Q4.  Why does this matter?  Because it’s a possibility of a fresh start for a strong finish.  Right now, many business owners are still feeling overwhelmed and disheartened as they manage massive change in their business and personal life.  The sense of potential that comes from a temporal landmark may be just what we need to give us the oomph to make progress on that goal or take action on that one thing you keep thinking about, but not doing.  I say ride that potential as far as you can and use it to your advantage!  

A couple of practical tips to make this work for you…

  • Set aside some time over the next few days or this weekend to reflect and plan.  Review your current goals and tasks and create some realistic expectations for the next few months.  Make sure to take the holidays into consideration if you celebrate as you may want to give yourself extra space during that time to rest, recharge, and be present.
  • Make it a date and put it on a calendar (paper or digital) so it’s in front of you day to day and week to week and has time allotted to it.  For this I like to put down everything I know is going to happen to see what space I’m working with, then I can visualize what time I’m working with to achieve my goals and complete tasks and projects.  I especially utilize recurring time slots for certain projects/tasks or I block out specific windows of time for others.  
  • A few key business points to remember for this quarter:
    1. Talk to your staff and customers and ask them for their feedback on their experience with your business this year.
    2. Review what’s working and what’s not with your offers, products, or services.
    3. If you’re launching any special sales or products for the holidays – make that part of your Q4 strategy.  Here’s a great list of pertinent dates.
    4. If you filed an extension for 2019 tax filing, the due date to file is October 15.
    5. Get caught up or stay on top of your bookkeeping as year end is right around the corner.  If you’re up-to-date, end-of-year filing and reporting is going to be so much easier for you. If you need help with this part let’s set up a time to talk it over (you can book your call here). I’m also offering a new online training in early 2021 for those of you who would like support, but aren’t quite ready to jump into a one-on-one relationship yet. I’ll be sharing more about this over the next couple of months – if you want to know more, book a call with me here.

Hope this overview was helpful, leave a comment below with how you are approaching Q4. Would love to hear what you’re up to!

October 31Halloween
November 11Veteran’s Day
November 26Thanksgiving Day
November 27Black Friday
November 28Small Business Saturday
November 30Cyber Monday
December 10 – December 18Hanukkah
December 24Christmas Eve
December 25 Christmas Day
December 31New Year’s Eve
December 26 – January 1Kwanzaa

Many of you just filed your 2019 taxes a few weeks ago.  Hopefully it was a smooth process, but I know you may have been scrambling at the last minute to get everything together.  That’s why I’m starting now with reminders for year-end 2020!  We’re just over halfway through the year so now is a great time to get on track with your 2020 financials so your year-end reporting and tax returns are a breeze this next time through.

What is year-end reporting?  Besides the tax prep piece, companies typically prepare their financial reports for a 12-month period at the end of the year to review their performance and plan for the following year.  Don’t miss out on this important performance review action for your company!  

What can you do now to prepare?  Usually, companies begin preparations for the year-end in the fall (for a calendar year-end), but that is assuming they are all caught up on their books.  If you’re behind for 2020, now is a great time to catch-up and set yourself up for success as you get closer to year-end.  

If you’re feeling less than motivated about it, just take a moment to think about how you’ll feel when you’re back on track and how you’ll feel next year when there’s no back-log.  If you’re interested in a DIY approach click here to schedule a phone call to review your options.  If you’re looking for more support and someone to jump in to help you catch up, book a call here to find out how we can work together to get you where you need to be.

 

Lis Lee Accounting is not a financial planner, broker, or tax advisor. Neither Lis Lee Accounting nor the content herein are intended to provide legal, tax, or financial advice. The content and materials are intended only to assist you in your general organization and decision-making for your business or practice. Lis Lee Accounting shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof.

We’re officially one week out from the close of Q3 and the start of Q4!  What are you doing to prepare?  Personally, I’m listening to PwC’s “The quarter close – Q3 2019” to make sure I’m up to date on the latest in accounting and financial reporting.  You can find the print and audio versions here.