The end of the year is just around the corner and a new year awaits.
Here are four items to consider adding to your business year end to do list as you wrap up another year in business.
Buy business equipment
If you’ve been thinking about buying new equipment for your business, whether that be a copier or printer, getting new hardware for your aging network infrastructure or investing in a VOIP business phone system, now may be the time to do it. Depending on what you buy and other factors, you may be able to deduct the amount paid in one year instead of depreciating it over several years.
We are technology people, not tax people. So check with your tax professional to see if there are any advantages to buying now, before the end of the year.
Prepare for taxes
Speaking of taxes, now is the time to get ready to file your taxes. Start going over your paperwork to see if you might have anything you need to fix before the end of the year. Talk with your tax professional to see what you can do to best position yourself and your company for filing and for starting a new year in business. For example, maybe it’s time to move from being a sole proprietorship to an s-corp or c-corp. Doing so may save you taxes for the following year, setting you up for a more successful year next year.
Clean up & organize your documentation
While you’re going through your tax documentation, it might be time to get rid of old tax-related forms and documents as they have may passed their retention dates. As you are sorting through all of that, you might as well look through any other documentation you may no longer need that is just taking up space in your file cabinets.
Don’t know what documents you should keep or which you get rid of? Don’t know their retention dates? Here’s some help with an infographic.
If you do end up harvesting files, forms and records no longer needed, don’t simply toss it all into the waste bin. Shred it, especially if any of your papers bear confidential information. Shredding your documents will help protect you and those connected with your company from identity theft and your company from HIPAA violation fines and the consequences of potential corporate espionage.
Plus, if your document shredding service provider is like us, shredding your paper ensures it will be recycled, helping to preserve our planet.
Digitize your records
As we are talking about getting rid of paper, you could take your records clean-up project a step further by digitizing your documents. Not only would you be reclaiming for yourself office and cabinet space — and maybe even document storage costs — but you also could save yourself and your organization time in making your documents instantly retrievable and accessible from anywhere while protecting them from disaster.
Need help with this project? It’s one of the many things we do. Just drop us a line or send us an email and we can help you go paperless or, at least, operate with less paper.
Hopefully these suggestions were helpful to you in preparing you and your business for the ending of one year and the beginning of a new and even better year.
As we mentioned before, we are a technology company — an office technology company. If you do decide to add to or to refresh your business equipment, we'd be glad to help you out. We can also assist you in shredding your documents and digitizing them as well. If you are interested in any of these services, we'd love the chance to talk with you.
Just click on the red button below, fill out the form and send it. One of our representatives will contact you right away.
About R.K. Black, Inc.
R.K. Black, Inc. is an Oklahoma City-based, family-owned leading provider of office technology solutions to small and medium-sized businesses in Oklahoma and Kansas. We specialize in everything business technology from copier, fax, printer and scanner technology to document management, onsite paper shredding services, VoIP phone systems and managed IT support to video surveillance solutions.
If you want to learn more about us, feel free to explore the website, read our other blogs or click the button below to be contacted by one of our reps and tell you! Also, be sure to keep watching our social media channels on Facebook and Twitter for more business tips from our blog.