| By now, most of us have completed and filed our 2021 federal and state(s) tax returns. We’ve spent a fair amount of time making sure all the information from our accounting reports has been entered into the correct accounts throughout the year. Of course, if we’ve been doing the proper analysis during the year, we should be very comfortable with the data and mainly looking for anomalies. |
| In addition to gathering tax return information, we’ve been managing our respective roles in the day-to-day operations of the business. Now that the first quarter of the year is complete, and all the information for completing the quarter should be entered into the accounting system, it would be a great time to review the results. The budgeting process for 2022 was probably a little more stressful than in previous years, given the uncertainty in the business climate, making it even more important to stay on top of the actual results of the first quarter with what we projected. |
| While we try to project what we believe will happen throughout the year, more than ever, this year’s budget will need to be a living document with necessary changes being made to accurately reflect the unexpected deviations happening within the business. |
| If revenue and expenses are significantly different than what was expected at this point in the year, make sure the proper adjustments are made to the budget or within the business for the remainder of the year to keep things on track and profitable. |