Getting your business in order for the new year

Practical accountancy with Allchurch & Co

After Christmas and New Year Celebrations it is now time to get back to business, reflect on the last 12 months and plan for the New Year, especially when it comes to getting your finances in order.

Carly and Ellie Allchurch

Here are some suggestions of places to start, we would be happy to discuss with you if we can assist you and your business during 2020.

Review your business plan

Whether you are a new business or have a long-standing business it is always useful to go back to your business plan and review your progress. Identify areas of opportunity and potentially identify underperforming areas that you need to allocate some time 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 take over your personal and family time. Using 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 going into the new year may ensure you have a more successful and enjoyable 2020.

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. Listed below are some of the benefits of transferring to a cloud-based package for your business finances;

Ease of access – Cloud-based packages allow ease of access as 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 with no large upfront investment which is paid via a monthly fee.

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 2020 is a successful year for you and your businesses. Tel: 07825 232218



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