Are you hoping to be more profitable and efficient in 2020? Good bookkeeping habits can go a long way toward helping you achieve your goals. As we flip the calendar to a brand new year, it’s a good time to reflect on how the last year went with your business and jot down some objectives for the next 12 months. Commit to daily intentions for growth and improvement, and make this upcoming year a year you can be proud of.
Resolution #1: Set New Goals & Review Your Mission Statement
Take a look at your accomplishments from last year. How well did you perform? In what areas can you pull back on spending, and how can you operate leaner? Dive deep into your financial reports and assess what you could be doing better. If you put a business plan together when you first started your venture, see how close you are to the numbers you initially forecasted, and adjust your goals accordingly. It’s also a good time to reevaluate your mission statement and core business values.
Resolution #2: Review Your Books
To reap the benefits of business success, you need to be aware of what’s going on. To help you accomplish this important task, strive to review your books on a weekly basis in 2020. This practice helps business owners manage cash flow more effectively. Reviewing your books will help you monitor and evaluate weekly revenue earned and expenses incurred by your business. If an adverse issue arises, you’ll discover it, and have the opportunity to rectify it, in a timely manner.
Resolution #3: Compare Budget To Actual Every Month
No matter how accurate your budget was when you made it, conditions are constantly changing. See how your business is really doing by comparing actual income and expenses against what the budget projected them to be on a regular basis.
Resolution #4: Update Your Payroll System
Updating your payroll system may both streamline your business operations and save you money. Paying employees electronically rather than with paper checks can save everyone time and valuable resources. During your payroll update, check the status of all of your workers. Classifying people correctly as employees, independent contractors, or consultants is vital. Misclassifying someone can cause you to both lose money and incur a penalty from the government.
Resolution #5: Outsource Accounting Functions
Does it ever feel like you never have enough hours in your days to get everything done? This may especially be the case if you’re trying to do all of your company’s accounting functions in-house. Outsourcing accounting tasks can increase both your business’s efficiency and performance by Decreasing costs, Giving you access to the best accounting talent and resources, Providing you with timely access to financial reports, Saving time, Enhancing security.
Our team here at Cloud Bookkeeping, Inc. wants to support your business goals for the year. If your resolution is to improve your accounting and financial systems, then right now is the perfect time to call us. We will take care of the financial details so that you can grow your company to higher levels of success this year. Call to learn more: 1 (909) 952-3804
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Cloud Bookkeeping, Inc.
3281 E. Guasti Road, Suite 700
Ontario California 91761
Tel: +1 (909) 952-3804