Get a Jump on 2022 Accounting Plans

By Kristen D. Berdar

Now is the time for businesses to put their 2022 accounting plans in place. Get organized by creating 2022 files, starting an auto log, and putting technology in place to track income and expenses.

Get a Jump on 2022 Accounting Plans

The early part of every year is tax time for businesses—and it is essential to get your 2021 taxes prepared by your business deadline  since there is no COVID-19 extension this year.

Important as taxes are, however, businesses must devote some time in early 2022 to prepare for the year ahead. What you definitely don’t want to do is spend months solely focused on your taxes and falling behind on your current-year accounting.

Start with the basics

Your January tasks should have included creating all your 2022 files and starting your auto log. Set aside a few hours to perform these basic tasks, so you don’t have to go back months from now and fill in the blanks—which will take much more time than if you take care of them right now.

Plan for large projects

If your business will undertake any major projects in 2022, such as a brand overhaul or expansion to a new location, you’ll want to establish a budget and create a timeline—even if the kickoff won’t take place for months. If you delay this type of essential planning until after tax season, you might find you don’t have the budget or resources you need to start your project later in the year.  Bank financing can also take some time for approval so plan ahead.

Upgrade your accounting technology

Manual accounting is time-consuming! Start 2022 off right by updating to the latest accounting technology that will automate and simplify basic activities such as accounts payable, invoice processing, approving employee expenses, and generating financial reports.

Cloud-based accounting solutions like Sage Intacct can help you track all your financials in 2022 with less effort and cost. Plus, they allow you to stay focused on your company competencies, instead of worrying about bookkeeping and accounting tasks.

Update your bylaws

The start of the year is the perfect time to hold an annual corporate meeting where you can update bylaws and make sure you’re certified in corporate compliance. It’s also a good time to ensure that you’re up-to-date on the latest state, local, and federal measures, from family leave policies to anti-discrimination legislation.

Get expert support

To help you get ahead of 2022 planning, BST offers a broad portfolio of accounting and auditing, tax, consulting, and wealth management services, as well as valuation, forensic accounting, and litigation support. Our Virtual Accounting Solutions include everything from managing daily accounting operations to producing reports and collaborating on strategic planning and budgeting.