As we tick over our calendar to the New Year it’s the opportune time to assess your business finances. We have put together three small business accountancy New Year’s resolutions to help you achieve success this 2022.
- A commitment to keeping track of expenses
Keeping track of expenses as a small business owner can prove difficult at times. Even the most organised companies can have a stack of invoices and receipts that haven’t been reconciled correctly.
Therefore, an excellent New Year’s resolution could be to focus on bookkeeping and accounting practices surrounding expenses. You may find that by making the commitment will pay itself off in receiving a snapshot of your incomings and outgoings.
- Remember compliance
Small business compliance can be a difficult subject to continually stay on top of and the legislative requirements that business owners need to be aware of are constantly changing.
Thus, this New Year make it your resolution to keep track of your businesses latest taxation requirements imposed by the Government and put compliance at the forefront of your financial thinking.
- Seek help where necessary
Small business owner typically underestimates what it takes to resolve any financial problem or mismanagement issue. This can often lead to a cycle of procrastination in which pain points become more serious over time.
If your business has an issue that requires amending or several financial targets that you would like met, take the time to meet with a professional that can provide the right advice for you.
There are no hard and fast rules when it comes to devising a New Year’s resolution for your small business, however those centred around accounting best practice will likely prove worthwhile.
We at Moore Lewis & Partners are committed to helping our clients keep track of their expenses. To get in contact with a member of our helpful accounting team,
phone 4638 5300.