Planning ahead for better Duluth financial accounting.
When your business is off and running, hopefully so is your Duluth financial accounting. If you’re one of those people that has your accounting all locked down, you’re probably not reading this article. But if your accounting is a bit of a wildcard, you’ve come to the right place! Take a look at some simple ways to get your Duluth financial accounting off to the right start.
Get Organized
Being organized can make all the difference when it comes to the financial management of your business. Make sure you save and archive all your information and data for last year when you close it out and keep it separate. A good Duluth financial accounting software package can help you stay on top of your money throughout the year, and help you get off to a good start each new calendar year.
Set Up a Schedule
Every business has important financial deadlines, including tax filings. The IRS determines some of these deadlines, such as tax due dates for businesses, which makes them unavoidable. Others should be your own set of deadlines to make sure you have all your ducks in a row. Things like employee data collection, 1099 information, payroll information, and annual forecasting can help you get through the year without wishing you had been more on top of your deadlines.
Create or Update Your Annual Budget
You probably did some of your budget creation for this year at the end of last year, but now is a great time to review and analyze your budget from last year so you can make sure your budget for this year is on target. Look at areas where you didn’t meet your goals and consider ways for improvement this year. Look at areas where you exceeded your expectations and find ways to implement those strategies going forward.
Prepare Your Q1 Cash Flow Forecast
Manage your cash flow by setting up a forecast now for Q1 that you can build on going forward. Inaccurate forecasting puts you at risk for missed payments to vendors, not enough money for payroll, or coming up short when trying to make thoughtful investments. Proper financial forecasting is critical to all businesses, but especially small businesses, and especially in the early stages.
Consider Investing in New Technology
Now is the time to look at new technologies that can help your business become more effective and move it toward future growth. Set your goals for investing in the software and hardware you need so you can plan throughout the year for expenditures that will help move your business forward.
Strategize on Staffing
Now is the time to look at your overall vision and goals for the year so you can strategize on your staffing and hiring. Things outside your control can change your needs throughout the year, but in general, having an idea of how many employees you’ll need and when can help you manage your Duluth business finances more effectively.
Hire a Professional
Your area of expertise is your business. Whatever product or service you offer, that’s where you should direct your focus. Your financial picture, including your accounting, bookkeeping, forecasting, budgeting, payroll, staffing, tax preparation, and investing are all things that make your business run. You should know exactly what’s going on there! However, you are spreading yourself too thin if you think you can be an expert in your business and an expert in financial accounting at the same time. One of the best financial decisions you can make is to let an accounting professional manage your finances.
Hiring a professional is one of the best ways to get Duluth Financial Accounting off to a great start for your business. Click or call 678-990-0924 for a free consultation to learn how help with your Duluth Financial Accounting can help your business.
