Getting your business in order for the New Year
Original article published in The Bay Magazine Swansea (February 2018)
After the Christmas and New Year celebrations it’s now time to get back to business, reflect on the past 12 months and plan for the next, especially when it comes to getting your finances in order.
Here are some suggestions of where to start; we would be happy to discuss how we can assist you and your business in 2018.
Review your business plan
Whether you are a new business or have a long-standing business, it’s always useful to go back to your business plan and review your progress. Identify areas of opportunity, and look for under-performing areas that you need to improve and develop.
Set some new goals
It may be a good time to set some new goals, whether that is increasing turnover, improving margins or launching new products or services. Setting goals and targets can increase morale and motivate you and your team to continue improving financial performance.
Achieve a better work life balance
Running a business can be very rewarding but equally stressful, and can take over your personal and family time. Use the new year as an opportunity to take a step back from your business and reflect on how you could improve your work life balance, to ensure you have a more successful and enjoyable 2018.
Reconsider your software
It may be a good time to review or consider the accountancy or book keeping software or methods you are currently adopting. At Allchurch & Co we encourage using cloud-based accounting packages to manage your business and improve business planning. This comes with the added benefit of ensuring you are ready for Making Tax Digital but that you benefit from;
Ease of access – A cloud-based package allows ease of access. You can log on remotely, via smart phones and while you are out and about – not only when you are in the office.
Low cost – It is a relatively low cost accounting solution which is paid via a monthly fee – with no large up-front investment.
Real time financial information – Keeping your cloud-based accounting software up to date means you will have much better information for decision making and cash management as at a click of a button you will know how much your debtors owe you, or how much you owe to your creditors.
Back up and data security – cloud-based packages provide you with peace of mind that your data is safe and secure.
We hope 2018 is a successful year for you and your business.
Allchurch & Co. Chartered Accountants
For more advice on business or personal finance please get in touch with Carly or Ellie Allchurch