Accounting Goals for 2018

Here’s a list you can follow to get your financials in order and make your business healthier in the new year
Accounting Goals for 2018

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Many of us make New Year’s resolutions that help us live healthier lives — for example, working out more regularly or maintaining a more balanced diet. That’s perfectly admirable, but this year, what about resolving to have a healthier business? One way to do so is to adopt some smart accounting practices, and there are many small-business accounting resolutions you might make.

Here are just a few examples of ways to make this year your best yet, financially speaking.

Conduct a regular review
Hopefully you’re already in the habit of doing an annual financial review. But what if you reviewed your financials more regularly than that, catching issues or problems before they get out of hand? It doesn’t require much of you to sit down every month, look over invoices and receipts, check your bank statements, and ensure it all adds up.

Set goals for growth
Another simple yet impactful step you can take? Sit down and review last year’s growth. Did your business expand the way you wanted it to? Did your revenues increase? Do you see opportunities for further growth in the new year? After reflecting, set a goal for 2018 — one that’s challenging but also attainable. Give yourself (and your team) something to strive for.

Update your payroll
Are you still sending your employees paper checks? You can save everyone time and money by switching to a direct deposit system. While you’re at it, look into the best ways to distribute bonuses. Finally, spend some time reviewing employee statuses, and correct any errors in your system. After all, errors with employee status will typically cost you money.

Stay in touch with your accountant
Do you contact your accountant just once a year, for the annual financial review? If so, you may be missing out on some key opportunities to save money. Reach out to your accountant more regularly, and make sure you’re taking advantage of any tax-minimizing advice he or she can offer you.

Familiarize yourself with new tax laws
As you’ve no doubt heard, the federal tax code has changed significantly, and what’s more, many state and local tax laws evolve on a regular basis. Make sure you’re up to date on what these new tax laws mean for your business, and stay aware of filing deadlines. Again, consider reaching out to your accountant for advice.

Invest in new accounting software
Are you still using Excel spreadsheets to do all your accounting work? There’s nothing necessarily wrong with that, but know that there are some great cloud-based accounting programs that offer greater efficiency and greater security. These programs may also enable you to share information with your accountant more easily. Review some of the available options, and consider an upgrade.

What are your accounting resolutions?

There are always things business owners can do to improve the financial health of their enterprise. What will you do to make 2018 your best year yet, accountingwise? Consider making some resolutions that will lead to even greater security, for you and for all your team members.



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