The Top 20 Things Engineering, and Architectural Firms Should Do At The Start Of Every Year

To Maintain Their Finances and Set Up Their Business For Success

As a business owner in the engineering or architectural industry, it’s crucial to stay on top of your finances, bookkeeping, accounting, and taxes to ensure the success and sustainability of your business. At the start of every year, reviewing and updating your financial systems and processes is a good idea to ensure that you are well-prepared for the year ahead. 

Here are the top 20 things engineering and architectural firms should do at the start of every year to maintain their finances, bookkeeping, accounting, and taxes:

1. Review and update financial goals and projections for the year: Setting them helps businesses plan for the future and measure their progress. At the start of the year, reviewing and updating your financial goals and projections is a good idea to ensure they are still relevant and achievable.
2. Review and update business plan: A business plan is a roadmap for your business, outlining your goals, strategy, and action plan. At the start of the year, it’s a good idea to review and update your business plan to ensure it is still relevant and aligned with your business goals.
3. Set up a budget and monitor financial performance throughout the year: A budget is a financial plan that outlines your expected income and expenses for the year. It’s a crucial tool for managing your finances and ensuring that you stay on track. At the start of the year, set up a budget and monitor your financial performance to ensure that you meet your financial goals.
4. Review and update financial systems and processes: Financial systems and procedures, including invoicing, payroll, and expenses, play a crucial role in the success of your business. At the start of the year, reviewing and updating these systems and processes is a good idea to ensure they are efficient and effective.
5. Review and update insurance coverage: Insurance is essential for protecting your business against financial risks. At the start of the year, reviewing and updating your insurance coverage is a good idea to ensure that it is still adequate and relevant to your business needs.
6. Review and update contracts and agreements: Contracts and agreements help businesses establish clear terms and conditions with clients and partners. At the start of the year, reviewing and updating these contracts and agreements is a good idea to ensure that they are still relevant and in line with your business goals.
7. Review and update employee benefits and payroll processes: Employee benefits and payroll processes play a crucial role in attracting and retaining top talent. At the start of the year, reviewing and updating these benefits and processes is a good idea to ensure that they are competitive and aligned with your business goals.
8. Review and update employee policies and procedures: Employee policies and procedures outline the rules and expectations for your employees. At the start of the year, it’s a good idea to review and update these policies and procedures to ensure that they are transparent, fair, and aligned with your business goals.
9. Review and update vendor contracts: Vendor contracts establish the terms and conditions for your relationships with suppliers and other business partners. At the start of the year, reviewing and updating these contracts is an excellent idea to ensure they are still relevant and in line with your business goals.
10. Review and update marketing and advertising strategies: These help businesses attract and retain customers. It’s important that you review these regularly.
11. Review and update website and social media presence: Your website and social media presence are essential marketing and communication channels for your business. At the start of the year, it’s a good idea to review and update your website and social media presence to ensure that they are up-to-date, professional, and aligned with your business goals.
12. Review and update financial reporting and presentation: Financial reporting and presentation are important tools for communicating your business’s financial performance to stakeholders. At the start of the year, it’s a good idea to review and update your financial reporting and presentation to ensure that they are accurate, clear, and concise.
13. Review and update financial regulations and compliance: Financial regulations and compliance are essential for protecting your business and ensuring that you operate within the law. At the start of the year, it’s a good idea to review and update your financial regulations and compliance to ensure that you comply with all relevant laws and regulations.
14. Review and update financial risk management strategies: Financial risk management strategies help businesses identify, assess, and mitigate financial risks. At the start of the year, reviewing and updating your financial risk management strategies is a good idea to ensure they are effective and aligned with your business goals.
15. Conduct a financial audit: A financial audit is an independent review of a business’s financial statements and records. At the start of the year, it’s a good idea to conduct a financial audit to ensure that your financial statements and records are accurate and in compliance with relevant laws and regulations.
16. Review and update business continuity and disaster recovery plans: Business continuity and disaster recovery plans help businesses prepare for and recover from unexpected events. At the start of the year, it’s a good idea to review and update your business continuity and disaster recovery plans to ensure they are effective and up-to-date.
17. Review and update cybersecurity measures: Cybersecurity is essential for businesses, as it helps protect against cyber attacks and data breaches. At the start of the year, reviewing and updating your cybersecurity measures is a good idea to ensure they are effective and aligned with your business goals.
18. Review and update employee training and development programs: Employee training and development programs: Employee training and development programs help businesses invest in their employees and improve their skills and knowledge. By reviewing and updating these programs at the start of the year, companies can ensure that they provide their employees with the training and development opportunities they need to grow and succeed.
19. Financial planning and forecasting: Financial planning and forecasting help businesses plan for the future and make informed decisions about their financial strategy. By reviewing and updating financial planning and forecasting at the start of the year, businesses can ensure that they are making the most of their financial resources and positioning themselves for success.
20. Business valuations and succession planning: Business valuations and succession planning are important considerations for businesses, as they help owners plan for the future of their businesses and ensure that they are prepared for unexpected events. By reviewing and updating business valuations and succession planning at the start of the year, businesses can ensure they are in the best position to navigate any challenges that may arise and achieve their long-term goals.

It’s important for engineering and architectural businesses to review and update their financial systems and processes at the start of every year to ensure success and sustainability. This helps them be well-prepared for the year ahead and effectively manage their finances, bookkeeping, accounting, and taxes.