Fiscal year-end approaching: Top questions businesses should ask themselves

Fiscal year-end approaching: Top questions businesses should ask themselves

In the current corporate environment, a number of businesses operate on a fiscal year schedule as opposed to a calendar year. This model allows company leaders to determine a specific timeline for fiscal reporting, selecting a 12-month period that ends on a date other than Dec. 31.

In these cases, tax time as well as a range of other business processes will differ from the policies held by other companies. In nearly all instances, however, enterprises utilize a quarterly model, with the end of the fiscal year coming sometime in the late summer or early fall. Garrett Planning Network founder Sheryl Garrett noted that now is the time for many organizations to review the past year and begin looking ahead to next year.

Getting started in September is perfect,” Garrett said. “Some of the most sophisticated or involved things to do require advanced planning to make sure all the pieces come together.”

In these respects, many decision-makers are beginning preparations for the fiscal year-end. During this time, there are a number of questions and considerations administrators should seek to address, including the following:

Were last year’s goals met?
One of the first items to examine is the company’s overall performance according to the goals set at the end of the last fiscal year. Oftentimes, these include but are not limited to specific profit levels to be reached, the implementation of new business strategies and certain tasks to be carried out by the year’s end. Decision-makers should take a look at the objectives agreed upon at the close of the previous fiscal year and determine how well their firm was able to keep up with these benchmarks.

What are the company’s intentions for the upcoming fiscal year?
Now is also the time for administrators to discern a new set of goals for the organization to govern processes in the new fiscal year. These can be extensions of the previous year’s targets – for instance, if the company aimed to make a certain dollar amount in profits, they may choose to raise that bar in the upcoming year. On the other hand, if last year’s objectives were not met, business leaders should determine what was holding the group back from meeting these initiatives and how they can achieve them next year.

How were new initiatives received last year?
Administrators should also examine the results of any new initiatives introduced in the previous fiscal year and determine their impact on the business and return on investment. For example, if the company put in place a new employee policy or technology systems that weren’t previously in place, decision-makers should examine how well these were received in the workplace.

What new processes or systems will be introduced in the upcoming year?
The end of the fiscal year is also a time to take a look at the budget for the upcoming 12 months. How will these funds be spent? At this point, company leaders should determine if any new technological assets, processes or other items will be implemented within the business in the next year.

This is the time when many organizations take a hard look at their IT department and determine if additional programs and capabilities are needed. Decision-makers often choose to bolster the abilities of their IT teams with software that can improve their efficiency and productivity.

Faronics’ Deep Freeze has shown to provide these advantages, and can be just the thing the enterprise needs to propel itself into a successful fiscal year. By enabling improved oversight, management and maintenance of company workstations, IT staff can focus on other mission critical aspects of the business and be confident that their IT infrastructure is in good hands with Faronics.

About The Author

Suzannah Hastings

Suzannah is interested in all things digital, from software security to the latest technological advances. She writes about ways in which the increasingly internet-driven landscape and windows technologies like steady state alternative that change our lives, and what we can expect in the future.

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