As a human being, it is our nature to keep on saying, I will do this, I will do that. But rarely, we stick to what we speak. But, when you are in business, your words must follow your thoughts.
Hence, as a small business owner, you must think wisely before taking a good new year resolution for your business and you not just speak but put it into action as well.
So, for your business; what you think will be the best resolution for the year 2020? Getting any idea? If not, here are some of them:
New Year Resolutions for Bookkeeping:
- Prepare a Business Budget: Till now, you might have been running your business without a proper budget but from this new year, although one month has passed; make sure to prepare your budget. Still, 10.5 months are remaining.
Keep your records up to date. Make a list of payrolls, supplies, overheads and other business costs and based on that, decide how much profit you need to make. - Update your records every week: In business, small is more. Keep doing little things but do them often. Do small accounting tasks at regular intervals. Note down things daily instead of piling them up to write at the end of the month by which you might forget half of the tasks.
- Have separate business and personal bank accounts: Yes, it happens. When business is at smaller stages, it is likely that you as a business owner will have only account for personal as well as business use. Make a resolution to have separate accounts. Do not wait for next year. Do it today, just now. This will help you to track profit and losses easily. Pay yourself a salary cheque from the business account.
- Get bookkeeping done by experts: If you fail to get sufficient time to track your profits and losses, maintain records then it’s better to get bookkeeping done by experts. Outsource bookkeeping to some well-known accountants nearby your business area. As a result, you will be able to invest your time in important tasks.
Final notes:
Take any of the above resolutions and try to follow them rigorously. This will help you to streamline your business and take it to the next level. For more updates, connect with PnD accountants.
