Accounting resolutions for you and your business.

And what about those goals for your business?

If getting your business in tip-top shape is one of your priorities, you may want to consider some of these accounting resolutions for 2024.

Why?

– Tax implications

– Debt liabilities

– Business Credit

How?

– Establish a separate legal entity

– Open bank accounts specifically for your business

– Implement a dedicated accounting system

– Establish business credit

– Keeping your incomings, outgoings and taxes properly organized makes makes it so much easier for you to manage your financial records.

– An app will makes your entire accounting process more effective and efficient.

– Choosing the right software means you don’t even need to be really good at tech! Most are designed to be simple to use so that only the features that matter to you are used and you won’t be overwhelmed when tax season approaches.

– Having peace of mind that everything is organised and ready to submit means you have more time to focus on what you do best.. running your business!

Our tax advice covers personal tax, corporate tax, international tax, tax reliefs and more and by seeking professional help you can: 

– Maximise your tax savings

– Plan for your future

– Save valuable time and stress

– Be sure that you are compliant with the law

– Take advantage of any deductions and credits available to you

– Avoid penalties and interest

It really is possible to truly generate cash in your business? You just need to know what changes to make that will result in the greatest impact.

A good cash generating business – 

– Has healthy growth in sales but is generating surplus cash at the same time.

– Is reducing its reliance on bank funding, both in business and personally – (working towards the ultimate goal of having zero!)

– Is taking advantage of every opportunity, be it business or a tax saving opportunity because there is surplus cash to do so.

– Is in the position to be able to provide funds for other needs, e.g. family needs, charitable causes etc.

– Always be prepared for what money you have coming in and what’s going out – take the non-financials as well as the financials into account, i.e. usage of assets and stock.

– Keep track and closely manage your cash flow in terms of who owes you and who you owe.  

– Make use of credit when you can, but be confident you will be able to pay when repayments are due. 

– My advice is to not give credit – if you do, be sure you are clear of the risks and make sure you have built in the cost of credit in your pricing

– And for my top cash flow management tip – do not spend VAT that belongs to the government!

The start of a new year is an exciting and important time for any business and these resolutions are just some of the key areas you can focus on to start your 2024 as you mean to go on.

Our team are here to help you get ahead with your finances – if you’d like any further advice or support on anything else you’ve read here, don’t hesitate to get in touch – contact us here.