How your accountant can help you plan for 2021

Con todos los cambios que han sucedido en el 2020, trabajar codo a codo con un contador experto puede ayudar muchísimo a planificar un 2021 exitoso.With all the changes that have occurred in 2020, working side by side with an expert accountant can really help you plan for a successful 2021.

Dado lo impredecible que ha sido este año, es vital tener resoluciones financieras y contables a mano, así como trazar el rumbo a donde desea desembarcar los frutos de su empresa. Empezar el 2021 con el pie derecho le brinda altas posibilidades de terminarlo de buena manera.Given how unpredictable this year has been, it is vital to have financial and accounting resolutions at hand, as well as to chart the direction where you want the outcome of your company to be. Starting 2021 on your right foot gives you a good chance of finishing it successfully.

Before starting the blog, we recommend (logically) to close the financial year of your business as soon as possible.

Why is it important to plan ahead?

• It helps you to make projections.
• It will be easier for you to reach the goal by pre-setting said goals
• It will give you an increased ability to focus when working

Reflection

Before doing anything, it is key to reflect. In this 2020 full of changes, analyzing what has worked what has not, studying the market situation and the upcoming foreseeable issues should be one of the first tasks before pre-planning.

Sometimes, as a business owner, we cling to issues that stop the growth of your business cold. At this point, it is important to delegate things and sit down with your team to measure different aspects of the company, such as:

• How the team is working together
• Affinity between your service and the customers, under the new framework of habits the world lives in now
• Measurement of the tools used to date that are working for you.

Having said that, there are 3 ways your accountant can help you boost your business next year.

1. Cash Flow: It is convenient to show that you have a good cash flow in your business, especially at the beginning of the year, as this is necessary if you have plans to apply for a loan from some bank. A good accountant will help you fully understand what your business cash flow means, the details of your financial statements and how you can improve your financial and accounting situation.
2. Accounting Tax Planning at the end of the year: in planning for 2021, consider estimated tax payments, you must keep them up to date, replenishment of spent savings and remember to keep more cash at hand to deal with possible tight situations.
3. Identify changes in tax laws: With the passage of the CARES act and the measures taken by different government entities to help businesses have a better cash flow during the pandemic, the 100% Bonus Depreciation has been reinstated.  This means that if, for example, you invested $15,000 this year in renovations and if you paid your taxes in previous years, the IRS can send you a check for what you declared in your returns of the last 5 years. This is a form of "financing" with your own money that you already paid for in the past; these are details that only a good, specialized accountant can identify and take advantage of.

An expert accountant can help you identify these opportunities and scale your business to the next level in 2021. At GBS Group, we can help you with this process management and provide you with 15 minutes of free advice. If you are interested, click on the image below