December 7, 2018

An Year-End Checklist for Small Businesses in Pakistan

Naveen Shayan

LedgerMax specialist

What do you as a small business owner think of when a business year ends? Analysis, books closing, budgeting, and planning! What else? The year is ending and it is the most suitable time for a small business owner to plan for the new business year; however, it rather becomes the most appalling time of the year for some SME owners. The major reason behind it is taxes which, if not executed properly, can call for an unwelcome consideration from the FBR. So, in this case, being antecedently prepared is the best thing you can do. Thus, we have prepared an year-end checklist for small business owners to plan a smooth business year ahead.

Keep your Financial Records Updated

Not an easy task for a small business; but whether you’re a small business owner who has to look after his accounts while managing other business tasks or you’re an entrepreneur who has a pile of records to enter; you have to gear up and start updating your financial records. For this, you can either hire an accountant or go for an accounting software that can manage all your accounts efficiently before you encounter any trouble.

Analyze your Business Position

This is very important. You are required to analyze the current position of your business to determine where its stands. The following three fields should be scrutinized: 

1. Financial Documents

There are three standard financial documents that must be in your hands to plan the following business year skillfully. These documents include the cash flow statement, the balance sheet and the income statement. Get them prepared or use an accounting software which will generate these three important financial documents for you with a single click. These documents will give you a fair idea of your current business position.

2. Goals Assessment

These financial documents must have given you an idea about your business position. Now, its time to evaluate how your business got here. Have a look at your last year’s plan of action and review your objectives. Did you achieve your last year goals? Note down your successes and failures and get ready to plan for the coming year. These observations will help you achieve your following year’s goals successfully.

3. Tax Strategy Evaluation

How did you manage your taxes this year? Did your current tax strategy worked? Explore various policies like modifying your business structure for better tax management. Seek consultation from a professional or start using an accounting software that manages your taxes like a pro and includes Pakistan based tax laws for running your business in a tax-efficient way.

4. Start Planning

So, you are now all set to start your business planning for the coming year. Set your new business year’s objective, formulate a plan of action and kick off by executing your new tactics and strategies.

5. Prepare your Tax Papers

There are three ways you can prepare your tax papers; do it yourself, hire an accountant or get an accounting software installed. Nonetheless, the best option is an accounting software especially the ones with cloud-based version where you can use and access your business accounting data from anywhere with an internet connection.

Planning is extremely important to run a business competently. Therefore, Just follow this year-end check list and consider yourself all equipped to rock the coming business year.


Our Featured Blog Posts

February 14, 2024
Inventory management is a critical aspect of small and medium-sized enterprises (SMEs) in Pakistan, impacting their financial performance and operational efficiency. Among the various inventory costing methods available, SMEs often face the challenge of selecting the most suitable approach to meet their unique needs and objectives.
Read more
December 20, 2023
In recent years, Pakistan has undergone a striking metamorphosis in its retail dynamics, owing to the meteoric rise of e-commerce. The landscape, once confined to niche segments, has blossomed into a thriving industry, fundamentally altering the business landscape and revolutionizing consumer shopping habits. Beyond mere convenience, this transformation embodies a profound shift in how consumers
Read more
December 20, 2023
In an increasingly digital world, establishing a robust online presence has become a fundamental imperative for small businesses in Pakistan. The internet provides an expansive platform for reaching a wider audience, enhancing brand visibility, and increasing sales. This article serves as a comprehensive guide for Pakistani small businesses, offering step-by-step insights and strategies to build a strong online presence.
Read more