How are you doing now that spring has sprung? Feeling lighter, brighter and refreshed? We hope both you and your business are bouncing along nicely into Spring. How do you know if this year will blossom, or if parts of the business are late bloomers and dragging you down?
We recommend taking a quick minute to compare the first quarter of last year to your current results.
Here's How to Compare In QuickBooks:
- Choose dates 01/01/2021 to 03/31/2021
- Check > Compare to Previous Year
What to Look For Year-Over-Year:
- What are trends across Income, Cost of Goods Sold, Profit Margin and Expenses?
- Click to drill down into accounts that are higher than expected. Were there large expenses that attributed to the change?
- Are there any surprises? Look for bright spots too!
- Where do you need to shift?
We also suggest running Quarterly Reports: Balance Sheet, Profit & Loss, Sales by Customer (columns by month).
End of the Quarter To-Dos:
- Prep and pay quarterly payroll reports, including 941’s, WR-1’s, SUTA, etc.
- If it pertains, file and pay FUTA tax.
- Reconcile payroll liability accounts against quarterly reports.
- Deposit Federal and State payroll taxes and withholdings (only if you deposit on a quarterly basis).
- Calculate and pay your quarterly taxes:
- Pay sales and/or meals taxes (only if you file quarterly).
- Prepare quarterly cost allocations (non-profits).
We are seeing a lot of small businesses experience new growth this year. Some of you may be seeing the growth leveling off, while others need an extra boost. We hope you are finding a bright spot in your business now and in the future. I am Kathy Dise, here to make YOU more profitable.