management

busy season is over, so it’s time for some resolutions

twelve things to do before you get busy again.

editor’s note: the end of every busy season means a new beginning for practitioners, which is why we thought this q-and-a was particularly timely.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: do you have any suggestions for the new year?

more: hold staff accountable if you want them to listen to you | when selling a firm to staffers is tricky | courting a client? don’t give too much away for free | nine tips for a healthier tax season | fifteen strategies for first-time supervisors | measure knowledge gaps (then close them) | should you offer financial services? | ready to retire? selling your practice is no strategy | 20 things you need for a business valuation
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

answer: checklist of things to do in the new year:

  1. stop marking saly next to your new year’s resolutions. make one or two big-time life goals resolutions that you will do.
  2. check your personal insurance coverage. make sure you have adequate uninsured motorist, umbrella, workers compensation at your home and life insurance.

  1. do some tax planning for yourself. manage investments to benefit from tax savings such as reconfiguring your investments with long-term, fixed-income securities in tax-sheltered accounts and equities in taxable accounts, or if actively trading, then putting your trading activities in the tax-sheltered accounts.
  2. get rid of clutter (see checklist below).
  3. stop being stupid. treat your practice as a business and look at the bottom line.
  4. don’t deal or work with jerks. have a “no jerk rule”! don’t suffer fools. don’t waste time with stubborn people who refuse to listen to reason or logic.
  5. get a will or get it updated, get buy-sell agreement or get it updated, or get a practice continuation agreement if you are a sole practitioner.
  6. stop texting and dialing numbers when driving. also, slow down – getting stopped by a patrolman will eat up more time than 20 times of driving within the speed limit. and skip the road rage – why get mad at an a – – h – – e!
  7. identify and do your most important thing first; touch things once; do it now – don’t delay.
  8. call former partners and friends, brothers and sisters, and others you were once close with to wish them a happy new year. life’s too short to dissipate energy holding grudges against people whose funeral you might go to. clear the air – someone has to take a first step – why not you? now?
  9. go through your pile of business cards and call those up you want to stay in touch with or to rekindle a relationship and wish them a happy new year. if you no longer care about that person, throw the card away.
  10. think healthy – your body is made to travel a certain mileage with the right fuel, maintenance and care. maximize that mileage.

checklist of 25 things to get rid of

this is a suggested list of what to declutter yourself with. some things can be sold, given away to friends or relatives, donated to a charity or thrown in the trash, being careful to shred papers with personal and confidential information.

  1. playbills and journals
  2. old magazines of “historic” nature
  3. old newspapers of “historic” events
  4. your magazine pile you haven’t been able to get to
  5. stamp, coin, baseball card or similar collection
  6. art
  7. books
  8. high school and college notebooks
  9. old diaries
  10. trophies from your childhood
  11. halloween costumes
  12. clothing, shoes and hats you haven’t worn in 42 years
  13. boxes with stuff you haven’t looked at in 12 years
  14. yours and your kids’ old bikes that haven’t been used in 17 years
  15. old tax records, receipts, canceled checks and brokerage statements (aside from the records you should retain)
  16. old insurance policies
  17. plastic gift baskets, ribbons and wrapping papers
  18. dolls and teddy bears that lost their sentimentality
  19. old pet carriers (you haven’t had a dog or cat for nine years!)
  20. expired prescription and over-the-counter drugs and toiletries and your toothbrush collection from your infrequent dentist visits over the last 50 years
  21. partially filled liquor bottles you haven’t touched in years
  22. old cameras
  23. things and stuff
  24. consolidate your brokerage accounts
  25. sell or donate stocks where you own an insignificant number of shares to reduce your notifications

if in doubt – declutter!

2 responses to “busy season is over, so it’s time for some resolutions”

  1. frank stitely

    while the pain is still raw, it’s time to figure out what needs to change for next year and begin getting there.

  2. roger rotolante

    where has ed been, our tax season ends in october.