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New Year’s Resolutions – we all make them. Whether we keep them or break them though, that’s another story…
Health, relationships and fitness related resolutions seem to be the most common, but what about our business, finances and accounting new year resolutions? Shouldn’t we be considering those too? We should! How do we expect our business or financial situation to be any different if we don’t? So, whatever your New Year business resolution is, from increased sales, customer satisfaction, expansion or more, a business checklist and your accountant will be vital in helping you achieve them.
Read on for some business and accounting tips, that you may want to consider adding to your Accounting New Year Resolutions list.
Review 2019 business trends
2019 saw business trends focus on community interaction, personalised experiences, demand for sustainability, artificial intelligence, drones, 3D cameras and more.
The linking factor of most of these 2019 business trends is giving average people the ability to leverage assets that they already have.
So, it’s important to ask a series of questions when reviewing your New Year business checklist:
- What can I learn from these trends?
- How can I position my business to take advantage of these trends?
- What did my business do successfully in 2019?
- What can my business work on to optimise growth in 2020?
- What are my competitors doing differently?
Review 2019 your overheads
As the year draws to a close, set some time aside to study your profits and losses.
The beginning of the year is a great time to review what your business is actually costing you.
In your business review, ask yourself questions like:
- Is there a less expensive way to operate?
- Could I have more people working remotely?
- Do I need a physical office?
Say goodbye to the business aspects that are slowing you down or holding you back like outdated software or a low-performing product and say hello to the things that will help your business reach its full potential. Start the New Year in the right financial mindset.
Simple ways to target your business overheads in the New Year:
- Update your payroll system
While this may seem unnecessary, updating your payroll system actually modernises your business and may even save you money – and who doesn’t want to save money?
Still using an Excel spreadsheet to keep track of your business accounting? Then it’s seriously time get your head in the cloud and get your accounting in them, with clever cloud accounting options.
- Collect unpaid customer invoices
When a customer invoice remains unpaid for a long time, your business cash flow takes a hit.
Don’t be afraid to follow up with your customers, and double check to ensure the invoice has been sent to the correct person, with all the correct details. It’s also helpful to reiterate or negotiate the payment terms if necessary. Providing alternative methods of payment, like cash, EFTPOS, bank transfer or cheque, are also a smart idea, too.
Talk with your Accountant
As a business owner, it’s critical to review your business model when required, and create a business checklist for the start of a fresh, new year. Your trusted accountant can help you get on the right track. Crest Accountants will review your books, provide tax planning advice, financial forecasting and help you with anything related to your business financial activities. In the midst of the silly season, it’s time to get serious about your business and the New Year (and new decade). Identify ways to make your business better, more profitable and more rewarding.
Determining your financial goals for the New Year can be difficult and overwhelming, but it doesn’t have to be… Contact your Gold Coast Accountant, Crest Accountants today to complete your business checklist and resolutions for the year ahead.
