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Accounting New Year’s Resolutions for Businesses

Every January, almost every person sets goals for the new year. Things that they want to change in their life or accomplish before the next December comes around. As a business owner, you’re (hopefully) doing the same for your business.

A new year means new projections, KPIs, and dreams for your business.

While those are all great and grand, it’s often the small, upfront, and day-to-day actions that will get you there. At the base of any healthy business is a solid accounting foundation. And so, we’ve put together some simple, actionable accounting resolutions for your business this year.

Take a look, and then get going. Happy new year!

Be Proactive with Your Taxes

This first resolution is twofold. You should be focused on finishing up last year’s taxes as quickly as possible while staying current with the new year’s taxes.

For last year’s taxes, it’s easy to put things off, whether it’s sitting down with your tax accountant or tracking down receipts or filling out paper work or any of the other tax items no one enjoys doing. But delaying the inevitable will only make your taxes more of a burden.

Don’t wait till the last week of taxes to get everything together. Don’t file for an extension unless you absolutely must. Instead, get your taxes completed quickly and efficiently.

That way, you can focus on your business…and this year’s taxes.

As you complete last year’s taxes, take note of any shortcomings. Were certain items not properly documented? Is there a better way you could organize your expenses? Be aware of where your internal tax system is lacking and adjust for this year.

Keep Up to Date with Your Books

To make wise and informed decisions, you need to know where your business stands. This means reviewing your books and finances regularly. Weekly, even.

This will not only keep you up to date, but help you monitor cashflow and general fluctuations. You may even spot unnecessary expenses that can be eliminated. Eliminating unnecessary costs should always be a top priority.

If You Haven’t, Update Your Payroll

Are you using an antiquated system to handle payroll? Do you still have to mail out paper checks? The new year is a great time to upgrade to a modern, convenient payroll system. Paying people doesn’t have to be difficult.

Especially if you let someone else handle your payroll management.

Prepare for Future Expenses

Have some big expenses coming up in the future? Maybe you need to upgrade equipment or you’re getting an office soon. Start preparing for that extra cost now. Even if it’s months away, work it into your budget now. Set money aside now.

The earlier you start on it, the easier it will be when the time comes.

Sit Down with An Accountant

A great way to start off your new year is to sit down with a professional accountant and review your business. They’ll be able to give guidance, correction, and general advice so that you can be setup for your best year yet.

For all your small business accounting needs in Springfield, Ohio and beyond, contact LWS Tax today.

Posted by admin | in Accounting, Business Tax