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Starting the new Tax Cycle

At ACCO, our objectives encompass providing customers with the most effective ways to achieve long-term company and personal goals. As we step into the new tax cycle, business owners and leaders will need a strategic mindset to embrace challenges and seize opportunities.

With reflection upon the previous year, business owners and leaders can prepare a strategic plan for the new year with a fresh and ambitious approach.

Evaluate the Prior Year

  • Assess Your Financial Reports
    The quarterly and annual financial statements will provide a first measurement of company strength through profit/loss, balance sheet, statement of cash flows, etc. Providing the financial documents and data to the accounting and tax department may provide additional time for tax planning, avoid rush fees, and ensure tax credits and deduction qualifications. Other companies and competitors will make similar requests for financial services, so it can provide a competitive advantage to get a head start before the rush.

  • Build from Experience & Fundamentals
    Before planning the next year and making any organizational moves, take a moment to reflect on what worked and didn’t work last year.
    (1) Identifying challenges and root causes, while not dwelling on setbacks, can provide valuable insight to company change and growth.

    (2) What were the major challenges and successes? What expertise and skills were gained? In regard to the process, the team, and product/service, what are the major areas of improvement?
    (3) Revisit the strengths of your business. What makes you unique, valuable, and the first choice for a customer? Which products/services are best-selling (which products did not sell)? What changes to the staff and process can be made to improve and streamline the business offerings?

Define Company Goals and Progress Metrics

  • Revisit your Business Plan
    We encourage each business to have a business plan. For starters, the company Financial Statements and clarifying the short-term and long-term business and personal goals can begin the primary discussion points. You may further work with the accounting team to build projections, cost management analysis, budgets, and/or breakdown for certain product, service, location, etc. The insights to your business will form the strategies and decision-making for the year ahead.

  • Key Performance Indicators (KPIs)
    With business goals in mind, define smaller milestones that could be obtained to achieve the final goal and the metrics that may measure progress. Imagine how the business achieves each milestones through metrics (key performance indicators) and in measurable steps.

Take Bold Steps to Achieve

  • Assemble a Process Review Team
    As a leader, you can’t take on this process alone. Assemble a team or individuals to conduct process reviews to streamline processes, build value, and efficiency. You may consult with our advisory services team to provide additional data points.

  • Embrace Uncertainty
    Business owners and leaders can be prepared to embrace uncertainty in 2024. However, the challenges faced can be revealed as an opportunity to get ahead of competitors, who will also be affected and need to handle with the same resilience. During these times, planning for the long-term and preparing for multiple scenarios can help provide more confidence. Staying focused on customers and making improvements to the company process and product will encourage control over the business success.

  • Move Forward with Confidence
    Staying focused on long-term goals with unshakeable determination will provide the perseverance to overcome obstacles and when going against headwinds. With having the data, a support team, and a strategy plan, you can move forward in the new year with bold confidence. 

The information provided here is intended for informational purposes only and does not substitute for professional advice. Please refer to the terms of service for website usage.

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