Making a resolution to keep your business financially healthy is one that every business owner can benefit from. Small business owners wear many hats, but that doesn’t mean that finances and accounting should fall by the wayside. Whether you’re a one-person show or you employ a team, getting acquainted with your financials means you are better informed and in control of your business’s future. In this blog, we’re going to cover some best practices to implement in your business this year to guarantee your success. Most importantly, be proactive about achieving peace of mind with an Orlando General Liability Insurance policy.
Invest in accounting software.
This saves you the headache of checking your balance statements and your account each month. When money is sent or received, you’ll get an automatic notification and a readjustment on your balance sheet with these accounting programs.
Contact your accountant.
Software programs don’t take the place of a real-life accountant; they just help the financials run smoothly year-round. The sooner you get in touch with a CPA, the less of a surprise your tax bill will be.
One good reason for getting your accounts in order now is so you can share them with your accountant for checking. Some accountants might not want to look at the detailed figures until nearer the end of the financial year, but if you can persuade them to take a quick look now, they may be able to give you a rough idea of what your tax bill will be. It’s good to have that knowledge sooner rather than later. That way you can ensure you save the right amount of money and avoid any unpleasant surprises.
Analyze trends and set goals.
Find the answers for the following questions:
- Did your sales grow from last year?
- What was your revenue?
- What was your profit?
- What was your loss?
- Did you achieve your goals last year?
- Over the next 12 months, do you see your business as sustainable?
With this information, set your future financial goals for 2018. Evaluate how much you anticipate on selling, and create sustainable goals around those figures.
Stay on top of taxes.
Tax laws and codes change on a regular basis. Talk to your accountant to make sure you’re up-to-date, and understand how any changes affect your business. Ask them when you’ll need to file and pay taxes. Set up your calendar with the appropriate alerts and reminders for the coming year.