The Mines Law Firm - Los Angeles Personal Injury Attorney, Criminal Defense Attorney

 TAXAJ Corporate Services LLP

 

TAXAJ Corporate Services LLP

1/11, 1st Floor, Old Palam Rd, Sulahkul Vihar, Dwarka, Delhi, 110078

+918961228919

 

Annual Filing for Company

 

 Are you doing Annual Reviews for your business? We all need to be doing annual reviews of processes and commitments in vital areas of our business to assess where changes and improvements can be made. Here are 7 key review areas that you should address at a minimum of once a year.

1. Lease Agreements. Do you have lease agreements for property and equipment? When was the last time you reviewed them to ensure that the fine details are being handled properly?

2. Advertising Agreements. Do you have some advertising agreements that have been in place for years and you just keep renewing them? It's time to check to see what you are really paying for and what benefit your company is getting from those agreements. A prime example is yellow page advertising in your local phone books. Often times these programs start out reasonably priced when our business is a startup with increases each year. So take time to check out your yellow page and other advertising agreements to ensure your advertising dollars are being wisely spent.

3. Insurance Policies. We often establish insurance policies at our start up and never think much about them after that. Though our insurance premiums grow each year and our business needs change. Have you done your comparison shopping lately to ensure you have the right insurance coverage at a competitive price?

4. Taxes. Taxes are a necessary part of doing business, but are you being proactive with your company's tax situations? Make sure you have good communication with your tax professional so that you are being proactive instead of reactive in your tax situation.

5. Vendors. Vendor negotiations are a part of doing business and it is important that you are actively managing your cost of goods sold, especially if you are a high inventory business or create a product to resell. Price increases are common place but if you are not keeping a pulse on your rising costs, your profit margins may be dwindling.

6. Legal Needs. Do you have your legal aspects up to date? It is important that you ensure all the legal aspects are taken care of for your business. This includes ensuring that the proper documents are filed with the appropriate government agencies including city, state and federal.

7. Business Plan. When was the last time you reviewed your business plan and your strategic goals? Business plans are not for outside parties only; they should be the leading force for your internal operations. At a minimum of once a year, you and your top management staff should take part in a strategic planning process which includes the review of your business plan.

Make sure that you are doing an annual review on these 7 critical areas of your business. This will help your company continue to grow profitably.