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Three New Year’s Resolutions to Help Manage Your Business Finances

January 7, 2017

Welcome to 2015, everyone! We hope it’s a year filled with happiness, good health and success for you, your family and friends and your business! Now that the those out-of-town relatives have finally gone home and the holiday decorations have been packed away, it’s time to get back to business and focus on making 2015 the most successful year in your business!

 

Here are three New Year’s resolutions you should make to help manage your business finances.

 

Make a Budget

An often overused but quite accurate cliché is “Failing to plan is planning to fail”, and that’s true for your business finances. If you don’t take time to create a business budget then it’s like you’re just hoping that your business turns a profit at the end of the year and leaving it to chance and good luck in the meantime.

By creating a budget for your business and tracking how your finances are actually performing against what you budgeted, you can make adjustments to your business during the year if things are going as expected, or do more of what’s working if things are going better than expected.

Also, creating a budget and making sure you have room for unforeseen events will help safeguard your business against unexpected expenses, which can come from any number of places.

 

Keep Your Finances Up-to-Date

If you own or manage a small business, you probably wear many hats: you’re out there working on business development, you’re making sure things are getting done when they should, you’re dealing with customer questions and issues.

When do you find time to manage your business finances? For a lot of small businesses, bookkeeping and accounting often take a low priority and get overlooked.

The danger of neglecting your bookkeeping is that if you miss payments to your suppliers, bank or landlord, you might incur extra interest charges and penalties – or worse. Also, not invoicing customers in a timely manner or processing payments could really hurt cashflow, and a healthy cashflow is vitally important for any business.

Make one of your New Year’s resolutions to stay on top of your business finances and make sure you never fall behind, and if you need help keeping current with your finances then we can definitely help!

 

Seek Qualified Independent Advice

As a business owner or manager, you’re probably a pretty optimistic person, and that’s a key ingredient to the success of your business. But sometimes you need to make sure you’ve got a good dose of realism and especially when managing the finances of your business. A good sign that you’re being dangerously optimistic is if you’re looking at your business finances and thinking, “They’re not what I expected but it’s because (insert weak reasoning here)” or “2015 will be a better year, I can feel it in my gut!”

Your business finances tell such an accurate story about how your business is performing because there’s no room for optimism or bias – the numbers are the numbers and the numbers don’t lie.

As part of your New Year, you should hire an outside resource – like a bookkeeper – to help with your business finances. Many of our clients do their own data entry – they cut their own invoices, process their own payments, pay their own expenses, run their own payroll – but we visit with them on a regular basis just to review all the good work that they’re doing. We not only make sure they’re doing it right and staying in compliance, but we help them understand what the numbers are saying about the performance and health of their business.

Think about looking for some external, professional and unbiased advice to help your business succeed and grow this New Year!

 

Conclusion

The page has turned on a new calendar year and we hope that 2014 was super successful for you and your business. But to sustain that success into 2015 and to help grow your business, you should create a budget for your business, stay current with your business finances, and seek advice from an independent business finance professional like a bookkeeper.

Simply Bookkeeping1 provides professional bookkeeping services for freelancers, solopreneurs and owners of unincorporated and incorporated businesses. We customize our services based on your needs – we only see some of our clients a few hours a month but others we see on a more regular basis. Our services are reasonably priced and we tightly track the amount of time we spend working for you so you only pay for the services you get.

To learn more about us, please visit our website at www.simplybookkeeping1.com or contact Michele Hyde by phone at (647) 668 – 9363 or by email at michele@simplybookkeeping1.com.

 

Have Your Say

Have you made New Year’s resolutions to help your business succeed and grow in the New Year? If so, we’d love to hear from you! Tell us how you’ll be doing things differently in 2015. Also, please share this article using the social media share buttons – other small business owners might benefit from seeing what other people will be doing to improve their businesses!

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