Are there any adjustments you should consider from a tax perspective ?
Midyear is the perfect opportunity to assess your tax situation with your business tax advisor . A few areas to evaluate from a tax perspective include whether there have been any recent changes in tax laws , plans for capital expenditures and tracking your quarterly tax payments to see if any adjustments should be made . Your quarterly payments are often based on your previous year ’ s business activity , and with economic conditions changing so drastically right now , it ’ s a great time to review these payments rather than wait until the year-end when you usually do .
Have you assessed your current staff levels ?
This is often forgotten when it comes to budgeting and can make a huge impact in meeting your projections . Once you ’ ve assessed your budget and estimated costs for future work , you ’ ll be able to determine your resources and staffing needs and at what level . Plus , if your budget review falls within the same timeframe as employee evaluations , it would also be the most ideal time to make any workforce-type decisions .
As companies continue to navigate supply chain issues , it ’ s important to have reliable financial data and a strong management team to help keep your business running smoothly . To obtain assistance with your budget review , contact Doeren Mayhew ’ s Business Advisory Group today . ■
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