Having a small business and managing small business accounting can be difficult in the face of all the responsibilities that come along with it. Even though the end of the year can bring about loads of stress due to employees on vacation, higher sales traffic and a bigger need for professional accounting service, the start of the new year can bring about a whole new set of responsibilities, difficulties and challenges. Here are 5 new years resolutions you can make in order to start your year on the right foot.

Review Your Books

Planning for weekly reviews of your books ensures that you are regularly checking up on the money going into, and going out of your business. This will help you be aware of everything that is happening, monitor the money you earn on a weekly basis, and manage your expenses. If there is a cash flow problem, you will have ample time to locate it and fix it just in time, without having it affect everything else.

Update Your Payroll System

Updating and automating your payroll system from manual paper checks to electronic can save you valuable time and resources. This is also a good time to ensure everyone is classified correctly, whether you have employees or contractors in your business. Making sure everyone is correctly classified minimizes the chances of government penalties.

Plan for Big Business Expenses

If you have equipment that is already showing signs of wear and needing potential replacement, or you simply have significant expenses that take place on an annual basis, plan for them ahead of time. Take this into account in your small business accounting.

Outsource Your Small Business Accounting

Outsourcing your accounting services and bookkeeping can save you a significant amount of money and time. Sure, it’s less expensive to manage this yourself in-house, however, if your inexperience with accounting software, business transactions, tax filing and other economic responsibilities causes you to make a mistake, it can be even more costly than the monthly fee you will pay your accountant. They have the experience, knowledge and skills to make sure your accounting business responsibilities are pristinely done.

Get in touch with us if you would like to hire an outsourced accountant for your small business accounting tasks. We can help you make a positive change in your cash flow management and bookkeeping, saving you both time and money.

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