Business owners, both in their personal and professional capacities wake up on the 1st of January full of the joys of spring with a string of New Year’s Resolutions. With a healthy and pro-active endeavour to review the company’s financial health and for better ways to run their businesses. If getting your business in tip-top shape is your priority, consider sticking to the following accounting resolutions for 2023.
Review Your Books
To reap the benefits of business success, you need to keep your finger on the pulse to know what’s going on, and commit to reviewing your books on a weekly basis throughout 2023. A practice to help business owners, amongst others, to manage cash flow more effectively. A discipline to help monitoring and evaluating weekly revenue earned and business expenses incurred. You’ll inevitably come across gremlins but be ‘armed’ to rectify the situation in a timely manner.
Seek Professional Tax Planning Advice
Ensuring your business’ taxes are filed properly is vital. Professional tax planning advice will leave you confident and complaint with SARS tax regulations. As tax professionals we can advise you on the deductions and credits your company qualifies for. PragmaKonsult is at the forefront of new tax regulations and codes that may impact your business’s bottom line.
Review Growth, Revenue, and Sales Objectives
Make time to reflect on 2022. Did your company grow or shrink? Review how 2022 revenues and profits compares to 2021. Review sales trends. Was expenses in line with 2022’s budget? Did you set yourself objectives for 2022? Have you met your goals? Reflecting on 2022 should help you cast light on your company’s performance relative to the pandemic years. If necessary, dig deeper into the figures to find out why.
Update Your Payroll System
The process may streamline business operations whilst bringing about savings. An electronic salary program rather than cheques will save time and valuable resources. Outsourcing your payroll will deliver significant savings both in time and money. To find out more about the features and benefits of outsourcing your payroll, feel free drop us a mail.
Recover Unpaid Customer Invoices
Overdue debtors invoices has a direct effect on cash flow. Match invoices in question with the relevant order number and proof of delivery . Make sure customer invoice was sent and received at their end. On proof a customer’s payment is overdue, send a polite e-mail to give them a nudge. Confirm with the customer whether they received the invoice. Offer to resend it should they have lost it. Being nice, but firm and friendly will increase your odds of collecting the outstanding monies while retaining the customer.
Plan for Significant Business Expenses
It’s not uncommon to celebrate a high profile client the one day and facing an air conditioning system breakdown the next day. Unexpected business expenses are a reality and inevitable. Budgeting for unforeseen expenses can prevent financial catastrophes when something goes wrong.
Outsource Accounting Functions
Does it ever feel as if there’s not enough hours in your days to get everything done? If you’re running your company’s accounting functions in-house this may well be the case. By outsourcing accounting tasks you can increase both business efficiencies and performance by:
- Reducing costs
- Having access to professional accounting talent and resources
- Providing you with timely access to financial reports
- Saving time
- Enhancing security
The beginning of a new year is an exciting time. An opportunity to wipe the slate clean while planning for the new year’s successes. To make 2023 your best year yet, consider adopting tried and tested accounting resolutions leaving you to do what you best. For a professional opinion and a helping hand, why not contact us today.