End of Year Business Spending – November 2024

As the fiscal year comes to an end, it is important to develop and adhere to an end-of-year business spending strategy to create an optimal start to the New Year, a year of financial growth with minimal tax liabilities. Businesses should explore diversifying investments in equipment, technology or infrastructure as these business-expense deductions can reduce taxable income. Strategies to reduce taxable income can pay off in the form of additional employee bonuses or end-of-year incentives that boost company morale and a workplace environment of innovation and high-quality talent.

Finding a balance between being proactive with expenses and avoiding unnecessary expenditures is difficult, investing only in that which will achieve long-term business goals and further the mission of the company. One just has to find the right strategy to fit one’s unique business goals. The following pieces of advice from Lincoln business experts point to the best options for end-of-year spending strategies that will help businesses both maintain tax liability and position themselves for financial advancement this coming fiscal year.

Tactical Tax Services

No one wants to pay more in taxes. It is extremely important for business owners to sit down with an accountant to look over the company’s financial situation, so they know exactly how their business is doing. Look to Cruise & Associates’ (cruise-associates.com) accountants who provide reliable suggestions and strategies to minimize the amount of taxes due.

Lincolnites should heed Cruise & Associates’ following pieces of advice to not only save money, but capitalize on the coming year’s potential!

• Invest in people to get the business ahead of the game going into the new fiscal year. In business, November and December can be slower months. This is the perfect time to focus on training staff to improve customer service and other job duties. Making people better employees will pay off in the long run, and customers will know the business is good at what it does–and more customers will want to do business!
• Evaluate expenses and analyze why items increased over last year. Decide if it still makes sense to keep those expenses. Business owners sometimes do the same thing every year because that is what has always been done. A good example of this is advertising in the yellow pages. This used to be a good way to get information out to the public. Now, most people don’t use a phonebook, instead using Google, so it is no longer effective. So, take the time to discern which expenses should be kept or possibly increased!
• Replace outdated equipment. Try to use cash for updating purchases rather than borrowing money. This new equipment can help the businesses efficiency and productivity, which will allow for even more growth in the coming year. Consider whether the purchase is really necessary. Do not make an investment just to get a tax write-off. It is not always a smart business decision for the amount the business ultimately receives.

Cruise & Associates practices what it preaches, which is why it is one of the most committed and relied upon business spending services in Lincoln!

Basic Business Spending

If there is one area to which a company should always direct and allocate its budget, it’s business safety.

General Fire and Safety of Lincoln (lincolngfs.com) is a trusted leader in providing comprehensive fire protection and safety solutions for businesses, as well as organizations and individuals. With a commitment to excellence and a focus on innovation, General Fire and Safety strives to ensure the highest level of protection against fire hazards and other safety risks.

At the core of General Fire and Safety’s mission is the protection of lives and property. They offer a wide range of services tailored to meet the unique needs of their clients, including fire alarm and detection systems, fire suppression systems, emergency lighting, fire extinguishers and more. Their team of highly trained professionals works closely with clients to assess their specific requirements and develop customized solutions that prioritize safety and compliance with relevant regulations and standards.

General Fire and Safety places a strong emphasis on quality and reliability in all aspects of their operations. They partner with leading manufacturers and suppliers to source the most advanced fire protection products and technologies, ensuring optimal performance and durability. Additionally, their technicians undergo rigorous training and certification to ensure that they possess the knowledge and skills needed to deliver superior service and support.

In addition to their extensive range of products and services, General Fire and Safety is committed to ongoing education and awareness initiatives aimed at promoting fire safety within the community. They offer training programs and resources designed to empower individuals and organizations to prevent fires, respond effectively in the event of an emergency and minimize risk to life and property.

With a legacy of excellence spanning several decades, General Fire and Safety has earned a reputation for professionalism, integrity and unparalleled customer service. Whether safeguarding a small business or a large industrial facility, Lincoln business owners can trust General Fire and Safety to deliver innovative, reliable solutions that provide peace of mind and protection, making it an obvious addition to end of year business spending.

Trustworthy Business Transitions

The cost of renting a commercial space, such as an office, storefront or any other type of facility is typically tax deductible for businesses. This deduction can help reduce a company’s taxable income, which can lead to lower tax liability, while also setting the business up with an improved place of operation in the next year. If a business is considering expanding or relocating to a larger space, investing in commercial real estate can be a strategic financial move.

Whether the company is a start-up looking for a new home or an existing company needing to expand, relocate, open an additional location or enter into a lease renewal, Greenleaf Commercial Real Estate (greenleafcommercial.com) has the market knowledge and industry experience to ensure all business needs and requirements are satisfied. Greenleaf assists with site selection, site tours, cost of occupancy analysis, space planning, lease and terms negotiations, tenant improvements, comparative lease analysis and letters of intent. This type of support can save a business money and time as it transitions into a new year.

“At Greenleaf Commercial Real Estate, our approach revolves around comprehending the distinct circumstances and objectives of each client, enabling us to customize a strategy that aligns with your specific goals. We prioritize open communication and unwavering accountability throughout the entire journey, aiming to not only meet your expectations, but exceed them. With our team of seasoned professionals, we are dedicated to assisting you in achieving your vision for your business and contributing positively to your community. Trust and confidence are the cornerstones of our client relationships, and we are committed to earning and maintaining yours every step of the way,” shared Adam Lowney, Senior Sales Associate.

Greenleaf Commercial Real Estate’s commitment to its clients makes it a staple of the Lincoln community.

Target Tech Needs

Businesses preparing and planning for the upcoming year should be sure to include technology budgeting. Whether it’s hardware, such as business phones or building security, or software, such as reviewing networks for upgrades and cyber security protection, working with an expert is the smart choice. Expenses related to technology can vary greatly and usually fluctuate from year to year, so it is critical for a business to review its budget and plan ahead!

Working with a Managed IT service provider and internal IT staff members will allow a business to put together a roadmap for needs that may arise in the New Year. With these IT assistances, any business can identify new technology requirements and incorporate them as part of their business planning strategies. Additionally, Managed IT professionals can help make a business aware of any tech gaps throughout the company, so it can work on closing those problem areas.

This planning doesn’t have to involve hours of calls or meetings. As a Managed IT service provider, Hamilton (hamiltonisbusiness.com) can do the heavy lifting, ensuring businesses don’t stress more than necessary during an already stressful time of year. Hamilton future proofs a business’ budget and gets it set up and ready for planned business growth.

“Hamilton encourages business owners to check for any leftover money in the budget this time of year,” notes Hamilton Business Development Manager Ryan Wineteer. “Should that be the case, it’s a perfect time to implement a year-end project for potential tax advantages. Those upgrades–ranging anywhere from camera systems in your facilities to firewalls for protection from cyber attacks–benefit both the business and the bottom line.”

Wineteer adds, “As you know, cyber attacks and thefts are costly to both your wallet and your reputation. It is better to be proactive about protecting your business and its assets. It costs less to prepare for these situations upfront than to try to clean it all up after the fact.”

Hamilton makes budgeting for technology simple, offering a fixed-fee bundle, so businesses don’t get hit with unexpected costs throughout the year—something the accounting department will appreciate! Ultimately, this type of service offering allows businesses to make more educated financial decisions.

Brilliant Business Support

End of year business spending is the perfect time to reevaluate costs that can be tax deductible, but tax planning and tax prep is not for the faint of heart. Thankfully, SP Group P.C. (spgrouppc.com) of Lincoln has experts that know just how to help!

SP Group pours all of its energy into getting to know its clients, so it can provide the best tax planning, tax prep and business support services.

SP Group believes in the power of positive relationships, and the firm’s simple beginnings have kept it humble. SP Group takes great pride in the success of its clients and the path it has traveled together as it has grown alongside them.

The following exhibit the four cornerstones of SP Group and its certified public accountants:

• Relationships. SP Group creates and fosters long-term relationships to help develop a deeper insight into who its clients are and what drives them to succeed.
• Power of Team. SP Group serves clients most effectively and efficiently by combining the unique talents of each member of its staff into one strong cohesive team.
• Life/Work Balance. SP Group’s professionals aim to give the same energy to serving their clients as they would devote to their own personal interests, family and friends and community.
• Competitiveness. SP Group is a team that likes to win–its competitive sports-minded culture makes SP Group’s firm better at achieving success for clients at large.

This foundation is why SP Group should be a Lincoln business’ go-to for tax planning, tax prep and business support services. SP Group wants to talk about businesses’ financial futures, and end of year spending is just that!

Supportive Software Services

End of year spending forces companies to look for ways to improve and expand in the New Year. Keeping this growth in mind, Alpha Zed Business Services (systemssuperhero.com) aids business owners in implementing systems like Customer Relationship Management (CRM) software and automation, enabling streamlined productivity from the core.

According to Systems Strategist Kim Hazelton, business owners often underestimate the complexities of managing various tasks and data. They may delay implementing systems, thinking it’s unnecessary at the early stages. However, setting a strong foundation facilitates smoother growth.

Alpha Zed Business Services helps companies ensure they have good back-office processes in place and automate those processes where possible, allowing operations to run more efficiently. Alpha Zed Business Services understands the efficiency they help implement has a positive impact on the bottom line in these ways:

• Businesses don’t have to pay as many staff members, or they can pay their employees to perform revenue-generating tasks rather than admin tasks.
• Businesses are less likely to lose money due to their missing important follow-up dates.
• Businesses can rely on automation to track and send out reminders for late payments.

Automation, a rapidly expanding field, holds great potential for businesses. Yet, navigating it can be daunting. Alpha Zed serves as a guiding partner, helping business owners embrace new technologies rather than fearing them.

“Take a look at the various software tools you’re using. Have you been piecing together a mish-mash of tools to handle your systems? Are they still serving your needs? Consider an all-in-one process automation platform that can support things like your website, CRM, marketing, sales funnel, booking, email marketing and team and customer communication,” says Hazelton.

For business owners lost on where to improve their business spending, planning ahead with Alpha Zed will ensure a solid foundation for growth!

Full-Service Investments Firm

“Business owners are busy toward the end of the year. They are managing cash flow, daily operations and trying to grow their business by attracting new customers while retaining current ones–not to mention the holiday parties, meetings and sending client gifts. Our goal is to help take some of the burden and stress off of their plate by offering solutions and ideas,” says Ashley Schueth CFP®, a Financial Advisor with The Anderson Schueth Kenny Group at RBC Wealth Management (us.rbcwealthmanagement.com/andersonschuethkenny).

Schueth initially spends time with business owners to educate them on different investment vehicles, retirement plans, insurance solutions and other options, so they can feel well informed and comfortable before making decisions. What kinds of strategies does the Anderson Schueth Kenny Group have to share?

Businesses should invest time in training employees on the customer experience. A business can stand out from its competitors by focusing on aspects like the website construction; marketing and high-quality customer service with an efficient processing timeframe can make a huge impact. Schueth focuses on the relationship with the client as the number one priority. It doesn’t matter what industry one is in, high quality customer service drives positive results.

Owners should re-evaluate their employee benefits package every year, specifically the retirement plan, helping ensure it benefits both the employer and employee. This is where the Anderson Schueth Kenny Group comes in! They sit down with owners and look at different retirement plan ideas, ranging from solo practitioner plans to large-company, 401k plans. It is vital that each plan fit the needs of the owner and his/her employees. Once a plan is chosen, Schueth will meet with each employee and talk about their specific financial goals. The Anderson Schueth Kenny Group is able to help with many investments: stocks, individual bonds and CDs, mutual funds, ETFs, annuities, life insurance and more.

Owners should also consider that spending money on the business with the intention of getting a tax deduction in the short term may not always be the best plan. Here, Schueth works with its client’s tax professional to discuss new ideas and tax strategies. Having a growing pool of liquid assets on the sidelines can allow owners to take advantage of different financial market opportunities. The Anderson Schueth Kenny Group wants nothing more than for people to succeed, and success starts with good end of year planning!

Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested.

RBC Wealth Management does not provide tax or legal advice. All decisions regarding the tax or legal implications of your investments should be made in connection with your independent tax or legal advisor. No information, including but not limited to written materials, provided by RBC WM should be construed as legal, accounting or tax advice.

RBC Wealth Management, a division of RBC Capital Markets, LLC, registered investment adviser and Member NYSE/FINRA/SIPC.

High-Speed Internet Solutions

The need for internet is not going away any time soon, so fast, efficient internet is indisputable business expenditure. End of year business spending presents the perfect opportunity to upgrade to fiber internet, and ALLO Fiber (allocommunications.com) is perfect for the job!

ALLO Fiber provides cutting-edge technology solutions that empower businesses to stay competitive in an increasing digital world. ALLO’s services are perfect for running businesses, even from the comfort of one’s own home. ALLO offers high-speed fiber internet, advanced cybersecurity and cloud-based applications such as the ALLO Smart Business app. These solutions are designed to help businesses seamlessly integrate technology into their operations, enabling businesses to enhance productivity, optimize workflows and stay ahead of industry trends. By offering scalable and reliable technological solutions, ALLO ensures that businesses of all sizes can adapt quickly to the demands of a technology-driven market.

Prioritizing technology in the end-of-year budget can help a business go from good to great! Technology plays a crucial role in enhancing customer engagement and satisfaction. For example, with ALLO Fiber’s technology solutions, businesses can ensure that their communications are uninterrupted, their data is secure and their services are delivered efficiently. This reliability and responsiveness build trust with customers and leads to higher satisfaction and loyalty.

ALLO Fiber offers a range of resources designed to support businesses in their technology journey. ALLO’s team of experts provides personalized consultations to help businesses identify the right technology solutions for their needs. Additionally, ALLO offers educational content, including webinars, whitepapers and how-to guides, covering various topics such as cybersecurity, cloud services and network management. The ALLO Smart Business App provides a user-friendly platform for managing and optimizing technology services, making it easier for businesses to implement and utilize advanced technology in daily operations.

Overall, ALLO Fiber is the perfect network to consider during end of year business planning!

At the end of the year, knowing how to re-delegate the business budget while also avoiding unnecessary expenditures is difficult, but these Lincoln services can help one invest only in that which will achieve long-term business growth and hone in on the business’s unique goals!