Just a few weeks until Halloween and it got me thinking about candy. If you were coming to the PTCFOs door for trick or treat, here’s what I would put in your bag as a reminder of things to think about in the 4th quarter. And if you don’t celebrate Halloween, just take these tips minus the holiday metaphors.

One giant candy bar.

This is your big stuff. Taxes, numbers, budgeting. All taxes (except non-profit) are now past due, so if you haven’t paid, get your tax person on the phone and get a plan together. With all the constant changes and updates, having someone you can rely on to guide you through the process is key. Big stuff also includes any personal or business investing, retirement plans, profit sharing and expenses. What is coming up in 2023? Where can spending be cut? Are your numbers aligning with your goals? If you are very far off your goal, ensure you aren’t spending money on things that are hindering growth. Anything with tax implications and affecting cash flow is important to review now, and quarterly, throughout the year. 

One candy you’ve never tried. 

This is your new stuff. Investments, software, processes, automations. What is changing in your business in 2023 and how will it affect you financially? With just months left in 2022, this is truly the time for yearly planning. Will your employees be focusing more time in one area than another? Will resources be allocated to training? Will there be down time while getting everyone up to speed? Think about all the things you plan to do in 2023 and how each one affects the financials in your business. 

A few smaller, familiar candies.

This is your day-to-day stuff. As important as it is to do the bigger forecasting, it’s also just as important to make sure your regular operations are running smoothly. Everything from sending invoices, collecting invoices, payroll, insurance, getting 1099s to vendors, etc. This could also include things like reviewing your workplace policies to be updated for remote work, Covid plans, sexual harassment, workman’s comp, etc.

Some fruit.

This is your wellbeing and mindset stuff. How can you increase morale with your team? Have better communication with your clients? Are you looking to take time for yourself? Have you planned time off, retreats, vacations? What are your daily practices? I enjoy taking walks, watching baseball (my Phillies are headed to the NLCS!) and networking. I also work with a business coach to keep me focused and hold me accountable to my goals. 

A cold soda.

This is your time to refresh stuff. Talk to your support team – attorneys, virtual CFOs, vendors, coaches, consultants, etc. Ask them what you should be updating yourself on as you go into 2023.

For example, there is a new ruling that if you were paid through Venmo or PayPal over $600 for goods or services, you are going to get a 1099 from them. The IRS is really looking into online payments in a deeper way. See how it affects you. 

Another big financial story right now is student loan forgiveness. All borrowers will have to fill out an application and there is still conflicting information about the forgiveness being taxable or not and each state will have a different choice, so stay updated to what your specific situation might entail. 

As with real candy, you don’t want to get through the whole bag in one night. Just work through each section at a time and ask for help when you need it!