New Year = Clean Slate

Clean slateLast month, we covered the important tasks for wrapping up your end-of-year accounting. Though there may be a few loose ends you’re still tying up, chances are, your focus is likely shifting to the current year.

As you map out this year, there are a few things you can do to make your business accounting more manageable. Having a firm plan in place for your business paperwork can give you peace of mind, and a more accurate picture of your business financials.

Here are some ideas to help you get there.

Schedule time to do paperwork

Paperwork can be overwhelming, but scheduling time on your calendar each week can make it manageable. Just like you schedule an appointment with a client, set aside a few hours for entering expenses, reviewing accounts payable and receivables, and getting an overall weekly financial picture of your business.

Doing this prevents the last minute rush at the end of each quarter. It will also help avoid an expensive quarterly tax surprise.

Your accountant will appreciate it as well. Working in partnership with your accountant throughout the year gives them the opportunity to provide beneficial advice regarding possible financial challenges your business may face. This can lead to more efficient long-range planning.

Find an accounting system that works for you

Few people enjoy sitting down to enter receipts or any of the other accounting tasks owning a business demands. However, since it must be done, have a system in place that meets your needs.

You will be less likely to make time for paperwork if you are using a system that is cumbersome, or you don’t understand.

From basic accounting software to phone apps that help track your expenses, the options for making business accounting manageable are abundant.

As always, make sure you are keeping your receipts and filing them, even if you’ve entered the information into a computer. Though technology has come a long way, the possibility for losing data remains. Having hardcopies in case of an audit is essential.

Big plans for a new year

There’s never a better time hit the reset button on your business accounting practices than at the beginning of the year. Think of what your year would look like with a firm plan in place for your accounting needs!

If you’ve struggled with this in the past, please reach out to us. We’d love to help you craft a game plan to minimize paperwork headaches, and maximize your business’s profitability. Call us today with your questions!

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