New Year’s Accounting Resolutions For Your Business
New Year, New Accounting Goals
Typically New Year’s resolutions include: I’ve got to lose weight, I want to get fit, I want to stop smoking, I want to spend more time with the family…
But what about getting your business on track? What about earning more money? And wouldn’t it be really great to be able to take the family on an overseas holiday?
Ultimately if you’re in business and you do things right… you can take the time to make the business work for you AND afford that holiday.
Starting by making some changes…
Get on top of your tax accounting
One of the biggest headaches we see for businesses is tax.
‘A lot of businesses fall behind on their taxes, and they allow the problem to continue because it’s too hard to face. They don’t really want to address it because they’re scared of what they are going to find.’
But as Jim points out…
‘The problem is not going to go away. It’s better you make a New Year’s resolution to actually take control of that aspect of your business. Ask for professional help and get the situation under control so you can sleep at night.’
Focus on what you do best
At ATB we recognise that you are in business because you are a specialist in your field and your business will do well when you spend your time doing what you are good at.
As Jim points out…
‘The best use of your time is to generate business and do the work you actually get paid for… not to do the books and accounting.
‘There are lots of reasons why businesses don’t get help with their accounting. They don’t want to spend the money, or it’s just too hard, or the partner or wife takes care of that aspect of the business.’
‘The bottom line is… if you’re not good enough to have a full time job in book-keeping and accounting why would you do the work yourself and put your business at risk? Get the right professional for that area and spend your time actually earning money in your business.’
Consider mentoring to allow your business to reach its full potential
The business mentoring that ATB provides is one of the most important parts of our relationship with clients. In Jim’s words…
‘People that do everything in their business generally find that their businesses struggles to reach its full potential. Usually the business owner is not spending enough time on actually generating revenue because they’re stuck doing all the small things.
‘A lot of the time those small things they’re doing take the focus off the hard things that they should be addressing within their business. A great solution is a business mentor who can push you along the way, guide you on where to focus and get you asking the right questions.
‘It’s those hard steps that you generally don’t want to take on your own that will make you the money. If you’ve got the right person beside you, they’ll work with you to take those steps.’
Find out what you don’t know
‘You don’t know, what you don’t know…
‘…did you know that you can get help with streamlining your administration, or managing your cash flow? This could mean there is actually more money in the bank than you thought.’
We work with our clients to clearly define where they want to take their business and understand the problems they face day to day.
Implement cloud-based accounting technology
As Jim says
‘Implementing technology will help you manage your workflow, manage your team, quote your work, invoice regularly and get paid quicker. Being in the cloud gives you that advantage, it gives you real time numbers.
‘Issues that cost money to your business are identified very quickly and they’re fixed. This helps you improve your cash flow which means more money in the bank.’
‘Cloud-based accounting systems, such as Xero, provide you with a clear picture of how your business is actually going. You can actually have conversations with your professional about what went wrong yesterday and what do we need to do to fix it today. If you’re not in the cloud, this conversation happens 3 or 6 months down the track and you’re talking about how much money it has cost you in errors by that stage, before you’ve even had the chance to fix it.’
Give your business the competitive advantage
‘Most importantly, the most compelling reason that I could tell you to go into the cloud, is that your competition is doing it, giving them an advantage over your business.’
At ATB, we tailor our cloud-based accounting software solutions to meet your needs and help you to compete in the market.
Keep your New Year (accounting) resolutions this year
This New Year talk to ATB Chartered Accountants about your business resolutions and let us help you reach your business and financial goals.