30 days from Q4 2020 - planning the wrap on 2020
by Andy Flagg, Publication Date: Tuesday, August 25, 2020
View Count: 327, Keywords: Q4 2020, Planning for a Wrap, 2021, Hashtags: #Q42020 #PlanningforaWrap #2021
Its' now 30 days from Q4 2020, and we just plan the wrap up of 2020
This is not hard and should not take a lot of time. I have done this for nearly 35 years in all organizations and just now after 1 year of writing this blog, bringing this to your attention. We often thing in terms of months and quarters, not necessarily in years, but I do. End of Year is a big deal. Here are the reasons.
1. What is your Income/Profit/Expenses (budget plan) to actual. Your variances. Good, Bad or Ugly.
2. Inventory management and internal audits are a big deal; in all areas. Just simple stuff.
3. Your end of year purchases to hit the books for whatever business purpose, to include removing assets and items from your books that need to be retired and released.
This is a project in itself. Part of your daily work and part of your weekly and monthly few hours. I run reports all the time, for this and that, and always have my finger on the pulse.
Put these things on your calendar for 2020, and start your 2021 calendar.
Note: if you are on a fiscal calendar, say, July to June, instead of January to December, the same applies. You are half way through your year, and while the fiscal calendar has different purposes, the federal and state calendars are not necessarily going to abide to your calendar. Adjust accordingly, and keep your reporting accurate and on time.
more to come...
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