WMC Accounting, Geelong, Colac, Bellarine Peninsula

3 small business accounting New Year's resolutions

Should your small business' New Year's resolution be centred on accountancy?

Personal New Year's resolutions are typically based around bettering a part of life that's been neglected, or simply getting on with a task, hobby or mission that may have fallen by the wayside over the previous 12 months.

While research collated by Nielsen explained that 16 per cent of people pride themselves on the fact they won't make any resolutions whatsoever, there's still a huge amount of individuals who do pledge to improve at least one aspect of their life.

Sixteen per cent of people pride themselves on the fact they won't make any resolutions whatsoever.

The mantra is relatively well understood on an individual level, but what about in the business world? Well, the ticking over of the calendar is the opportune time to assess the standing of your enterprise from a financial perspective, and better understand what 2016 may have in store.

To that end, here are three small business accountancy New Year's resolutions that should definitely be stuck to:

1. A commitment to keeping track of expenses

It can be tough for small business owners to keep track of expenses at the best of times. Even the most organised companies may have a stack of invoices or receipts that haven't been reconciled correctly. 

Consequently, a great, worthwhile New Year's resolution for enterprise figureheads is to focus more on their bookkeeping and accounting practices surrounding expenses. Making the commitment will soon pay itself off, and getting a snapshot of your incomings and outgoings will become much easier.

We are so committed to helping our clients keep track of their expenses that we have hired a Bookkeeper to be specifically available for our clients. Debbie Baird is joining our team in late January 2016. Contact us to see how Debbie can help you.

2. Remember compliance

Small business compliance can be a difficult subject to continually stay on top of, and the legislative requirements that business owners need to be aware of are constantly changing. So, in the New Year, ensure that your business is keeping track of the latest taxation requirements imposed by the government and put compliance at the forefront of your financial thinking.

Committing to properly reconciling receipts and invoices is a solid New Year's resolution based around accountancy.Committing to properly reconciling receipts and invoices is a solid New Year's resolution based around accountancy.

3. Seek help where necessary

Intuit QuickBooks blog contributor Julie DeLong explained that small business owners typically underestimate what it takes to resolve any financial problems or mismanagement issues. This often leads to a vicious cycle of procrastination in which pain points become more serious over time.

To that end, if your small business has a number of financial targets that it would like to meet or issues that need amending, seeking the right advice from an accounting firm should be the first step, and it is a great New Year's resolution to boot.

Ultimately, there are no hard and fast rules when it comes to devising a New Year's resolution for your small business, but those centred around accounting best practice will likely prove worthwhile.

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