End-of-the-Year Financial Checklist

The end of the year allows us to reflect on our whole year and offer the opportunity for change and improvements, your clients’ businesses are no exception.

This is around the time of year where nostalgia hits everyone and they prepare for champagne toasts, the ritual singing of Auld Lang Syne, and the countdown to the ball drop. But, before your clients go out and purchase their 2017 party hats, balloons, and sunglasses, they need to make sure that their business is taken care of. The end of the year is when businesses need their owners the most to ensure they hit the ground running for 2017. Here are a few things that business owners should take care of before the turn of the new year.

Information Technology

  • Back-Up Client Information
    Perhaps the worst possible way to start off the New Year would be a computer crash that cripples a client’s business. Their customers depend on them to keep their information safe and secure. Make sure that they back up their information to a backup hard drive or to the cloud should their main computer fail to operate.
  • Back-Up Important Documents
    No one needs the panic attack that comes with crucial documents inexplicably going missing. Business owners’ important documents may be part of their business’ lifeblood. Backing up their documents to a hard drive or cloud gives them a backup plan in case the worst should happen. Note: Documents stored in the cloud are more easily accessible and editable.


  • Verify Vendor Information
    Before the page to the new year is turned, make sure that your clients verify their vendor information. Things like contact info, address, email, and phone numbers must all be updated if there have been any changes.
  • Analyze Cashflow Statements
    If there’s one thing a business needs to know, it’s what their expenses were over the course of a year. Business owners need to know how their business spent its cash last year, not just because it’s good to know in general, but to know if improvements can be made to their business plan. They should review their operating, investing, and financial activities.

Make sure that the new year doesn’t stop the momentum your clients may have had at the end of this year. At PMC Insurance Group, we’re experts on small business insurance in MA and can help you put the proper policies in place. To learn more about getting competitive coverage for your small business clients, contact us today.

By PMC Insurance Group

Since 1996, PMC Insurance Group has worked to help independent agents grow their client base by offering workers' compensation solutions for a wide array of businesses. As one of the most distinguished workers' compensation wholesalers in the country, we have the tools and resources to help you create coverage programs for both small businesses and large accounts.