Calendars and scheduling can be tricky, but when it comes to finances it can be even trickier...so the combination of the two might not seem too appealing at the moment. After all, there are a million things on your to-do list for the growth of your small business, so keeping track of all of the myriad financial dates might not seem like the top priority.
Unfortunately, though, time has a way of sneaking up on you. If you are caught unaware of key financial dates for your business, it will likely lead to greater repercussions in the future.
Use this post as a blueprint for the general dates that you should definitely know, but do not stop there! It is integral to work with your accounting team to ensure that these are the only dates that might apply to you, and if there are other dates you must be aware of.
What is due? W2s
Whether it is through post or online, W2s need to be in by this date. Your employees will need this, as will your business, so work with your accounting team to understand what the best practices are for submitting.
What is due? Business Taxes
Business taxes are usually due right before personal taxes, and the importance of submitting early cannot be overstated. A few months prior, check in with your accounting team - maybe schedule for exactly 3 months before the deadline.
They will have time to inform you if something is indeed amiss, and how best to rectify that going forward before the deadline.
What is due? Personal Taxes
Once you have your business taxes squared away, it is time to focus on your personal taxes. This might seem difficult at first since your taxes might seem entwined with your small business taxes, but it is essential to work on them early on.
If there are any discrepancies or other issues, it is far better to have it sorted out early on. You should work with your personal accounting team during this process to ensure that you are taking advantage of loopholes and deductions offered to you as a small business owner.
Form 5500 Series (also known as the Employee Benefit Plans)
Employee benefits are often extremely complicated, and it might take awhile to wade through the paperwork for these benefits. This is why it is highly recommended to start early and work through your employee benefits offered for this form.
The US Department of Labor underscores the importance of the form for disclosure, research, and compliance purposes - so it must be done earlier in the year so that any surprise issues can quickly be resolved.
What is due? A financial audit of your business
We will admit that this is not necessarily a date imposed by the Internal Revenue Service - far from it really. This is really needed for your calendar as a reminder that a financial audit needs to be carried out. Throughout the year, businesses slip up and often forget (sometimes even ignore) the need for a financial audit.
The best way to ensure this financial audit takes place? Mark it on your calendar ahead of time. Think of the date as more of a range for the week, and work with your accountant on auditing.
This is necessary because it is incredibly important for the financial health of your business, as well as providing you with actionable insights on where the gaps are and how they can be improved.
Our general rule of thumb is to schedule them in the middle of the month - before the holidays really. We find that it works best when the audits are scheduled for the early to middle of December so that holidays are not interrupted.
Need more information on these key dates and why they are important for the financial health of your business? Please contact us.