If you made any unplanned changes in your business this year, you'll want to get an early start on year-end bookkeeping as you plan for 2021.
Let's face it: 2020 hasn't gone the way any of us expected. But that very unpredictability reinforced the core messages in the blog I wrote last year about the importance of annual business planning. The more informed you are about budget trends, tax-planning strategy and your long-range financial outlook, the more readily you can adapt to speed bumps and curveballs. And 2020 provided more than its share of those.
What will 2021 bring? No one knows. One thing is certain, however: Preparation matters now more than ever. And it all starts with solid bookkeeping.
How Did 2020 Change Your Business?
The disruptive events of 2020, most notably the COVID-19 pandemic, have touched everyone. So before you can chart a roadmap for your business in 2021, you need to gauge the extent of those disruptions. For most businesses, that means answering these three questions: