Many companies will be closing their books for the year at the end of December. Although many folks feel the year end activities start in early January with bank and account reconciliations, I believe the process should begin in the fall. If management and the accounting staff takes the time to review the books 2 -3 months before year end and make any necessary adjustments and corrections, they can give their tax advisor a better idea of the annual income. Doing this before year end gives the company a chance to estimate taxes, purchase fixed assets, make plans for funding retirement programs, and plan for cash needed in the next year.
I see too many companies go to their tax preparer just before the tax deadline and pay tax when there were purchases that they could have made to reduce the tax burden and increase productivity. I also find companies that are unhappy with their accounting software and wait until the beginning of the year to replace it or begin the search for a better product. Keep in mind that before year end is the time to purchase the tools and equipment that will help you achieve or maintain your profitability in the future. Also this is the time to work with your financial advisor and tax preparer to plan for the best year ever.