With 2017 fast approaching, it’s time to take stock and make your new year’s resolutions. We’re not talking about a new diet or exercise regimen, though those are always good personal goals. We’re talking about resolutions that you can make as a small business owner.
This is the time of year to review the financial health of your business and begin implementing strategies that will help you become more successful heading into next year. We’ve put together this list of 7 accounting resolutions to consider for 2017:
1. Financial Review
This isn’t so much of a resolution, but more of a necessary task you should do at the end of every year (if not every month or quarter). Make sure all your figures add up and your business is in good financial standing as the current year comes to an end.
2. Meet with Your Accountant
Whether you have an accountant on staff or you work with an outside tax preparation service or outsourced CFO service like Ferguson, Timar & Company, set regular meetings with your accountant. You can review your year-end numbers and lay out action plans to achieve next year’s goals.
3. Understand Tax Changes
Tax codes and regulations change every year on federal, state, county and district levels. Meet with your tax professional to understand the newest regulations and how they will affect your business tax returns.
4. Improve Payroll Systems
Again, some payroll and employee regulations may change, so understand any new laws that affect how you run your business. For payroll, consider adding more bonuses or implementing new payment systems such as direct deposit that will help streamline your process.
5. Update Accounting Software
There are so many great accounting software options out there that can help you run a more efficient business with more accurate bookkeeping. The new year can be the ideal time to upgrade your systems.
6. Talk to Your Customers
Send out a survey or just make more of a concerted effort to get feedback from your customers. Figure out if there are any ways you can improve your products or services.
7. Set Your 2017 Business Goals
The most important accounting resolution is to set your goals for the new year. How do you want your revenues to grow? How can you improve your business? How can you streamline your accounting? These are all good questions to ask as you make your business goal list for 2017.
For help with accounting, outsourced CFO services and business tax preparation, contact the team at Ferguson, Timar & Company for a no-obligation consultation.