Year-End Financial Evaluation for Independent Agents

 In Industry Insights for Independent Insurance Agents

Before you know it, it’s going to be 2017. For any business, big or small, it’s important to take account of your business. Much of what you’ll need to take care of has to do with your finances, but you also need to take stock of your business and take steps to make changes or to brainstorm new ideas so that you can start the new year off with a bang, not running around trying to play catch-up.

Year-end financial evaluation for businesses

Collect outstanding dues, pay off overdue invoices and close your books.

Debt and taxes

Now is the time to collect any outstanding debt. If clients have outstanding debt or there are invoices that are past due, now is the time to reach out and collect. You also need to pay off your own outstanding debts with creditors or other service partners, if you haven’t already.

You need to take care of collections and outstanding bills so that you can close up your books for 2016 and get ready to pay your taxes.

Hire a bookkeeper and a tax attorney

The good news is you don’t have to do all of this by yourself. Unless you have experience as an accountant, bookkeeper, or tax attorney, outsourcing your accounting and taxes is a wise use of your funds. Your time is much more valuable taking care of the business, like making sure you hire the right team, marketing yourself correctly, concentrating on selling the right insurance, and live up to your customer service promises, so don’t waste your time trying to figure out how to keep the books and file your taxes.

Year-end business advice for independent agents

A year-end financial assessment can help you determine what is working and what isn’t working in your business plan.

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