Want to know how to get your business off to a flying start in 2017? Here are some easy resolutions you can make to sort out your accounting that could make a real difference to your business in the year ahead.
1. Outsource your accounts
In the beginning, when the paperwork is minimal and the cashflow low, it’s simple enough to do your own accounts. As you grow, however, it can become increasingly onerous. Opportunities can also be missed if this is undertaken as just another day-to-day task. Outsourcing your accounts to a professional accountancy practice can save you money and help you grow your business more efficiently – it’s just about doing the books, you know.
2. Switch to online accounting
Technology has transformed accounting and the number one benefit of online accounting is convenience. If you are using Excel or accounting software downloaded onto your PC, you are wasting time that could be used to work on your core business. Take your accounts online by using an online system, such as Xero or FreeAgent. These packages allow you to connect your accounting software to your online banking account and automatically import bank statements. They also don’t need backing up as the data is stored securely in the cloud. So even if your computers and back-up disks were destroyed, your data would be safe.
3. Don’t leave your Year End to the Year End
The are some undeniable reasons for getting your year-end accounts done sooner rather than later. Not only does completing your tax return early stop that horrible end of year panic, it allows you to plan your finances for the year ahead. In addition, any tax rebates due are paid shortly after submitting the tax return but payment is not due any earlier. This is a major bonus for your company’s cash flow management.
4. Change your accountant
It may be that your current accountant suited your business when you were starting out but now your needs have changed. Perhaps your accountant’s business has changed itself and no longer offers the right service for you. Or maybe you don’t feel you are getting the personal service you deserve. Changing accountant doesn’t have to be the hassle people expect. At Approved Accounting, we make the process as smooth and easy as possible.
5. Ask your accountant for business advice
Are you getting the best from your accountant? People often ask their accountants for advice on tax and payroll but don’t think to ask them for business advice on how they could manage their business to maximise profit and growth. Approved Accounting works closely with client to advise you on improving your cash flow, growing your business and investing wisely, the best finance options available to you and long-term planning, amongst other matters.
At Approved Accounting, we take pride in working with small businesses to help them develop and grow as well as keeping their affairs in order and their cash flow flowing.