Tax season is over. You might be taking a deep breath and putting the books away or making grand plans with your tax refund. While this may seem like a time to take a break from bookkeeping or focus on other things, there are many moves to take that will make your finances easier next year. From restaurants to tech companies to your personal finances, whatever type of businesses you run, here are a few ways to make sure your business is financially healthy.
Go Back to Basics
Your day to day records are the heart of your accounting. You need to have an accurate ledger to ensure that everything is recorded correctly. While now may seem like the time to get credits and debits off your mind, taking care of your finances throughout the year rather than only around tax season will give you a much lighter load at this time next year. Whether you’re old school and use a print ledger, do everything in Excel, use a new mobile app, or any other number of great accounting tools, it’s important to keep detailed records of all transactions through the year, not only when tax season is around the corner.
Take the Temperature on your income statement
Taking a look at past income statements and finding areas for new growth is another great practice after tax season. Identifying upward and downward trends within your income statements over previous quarters or years is another great way to clean up your finances and identify ways to improve them. Having orderly data is great, but if you can use that data to drive valuable business insights, that’s an even better way to improve your finances.
Use this time to talk strategy and big picture
Finances are more than keeping track of your day to day expenses and gains. Since tax season is over, now may be a good time to think about the big picture when it comes to your finances. From strategic business planning to succession plans and more, now may be a good time to reevaluate where you are at and take better control of where you are going. Whether that means hiring a contract CFO, building a succession plan for leaders who are transitioning into new roles, to simply setting aside to discuss goals with a professional, there are many long term benefits to making financial planning a priority.
Check Your Tech
Technology is moving a mile a minute, and there are many new apps and other pieces of technology you can use to your benefit. From tools that can integrate all of your bookkeeping into one place, to tracking software that helps you organize details about capital you own, there are many pieces of accounting technology that can make your life easier. Whether that means getting the newest version of Excel or a handy app that will reduce mistakes in your ledger, now is a good time to check your tech and see where you can make your bookkeeping a little easier.
Your house isn’t the only part of your life that can benefit from a little Spring cleaning. From accounting basics, to top level strategy, to gadgets that can make tracking your finances a little easier, taking a little time to think about your finances now can save you a lot of money and resources in the long run. To learn more about Clear Accounting Solutions or to schedule an appointment with one of our professionals, visit our website today!
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