Every New Year, people across the country put together a list of resolutions that includes everything from health and wellness to career goals, and even personal finance goals. But what about your business? When was the last time you checked in on your company’s finances and made resolutions to better manage them? Use the New Year as your excuse to reset your business goals. Here are a few tips to help you get started.
A Routine for Success
Whether you use Outlook, Gmail or another service, set up these simple calendar reminders each day, week and month to help you reset your current practices and keep you on track with your new financial goals.
- Count cash
- Record all transactions
- File all receipts
- Pay bills
- Prepare payroll
- Invoice customers
- Balance books
- Check inventory
- Review Cashflow
Staying on Track
Like all resolutions, even your financial wellness goals can start out strong but quickly fall off your radar once the hustle and bustle of life gets back in the way. Here are some additional tips to make sure you don’t fall off the bandwagon:
- Keep your personal and business finances separate: If you opened your business using your personal accounts, consider separating those funds by opening separate bank and credit card accounts specifically for your business. This will eliminate confusion and help with everything from measuring your success to filing your taxes.
- Hire a professional bookkeeper: Most people aren’t great with numbers and will never be excited to tackle them the way accountants and bookkeepers will be. If managing your business’s finances feels like an overwhelming burden, don’t push them off, hire a professional you trust to tackle them for you. Additionally, having a professional take care of this for you will free you up to focus on other areas of your business.
- Find a bank you trust: As a business owner you will have expected and unexpected financial needs pop up throughout the year. Find a bank in your area that you can count on to help you navigate those needs. Like the aforementioned bookkeeper, having a professional banker help you with your financial needs frees up your time, and ensures you’re getting the best product to fulfill that need- whatever it may be.
Every new year brings new opportunity, and we hope that your 2020 is off to an amazing start!