Polish Your Business for 2018 – A Checklist
2018 is coming, and for many small to medium business owners, the dawn of a new year can mean an excellent opportunity to get wrinkles in their business ironed out and go into the new year fresh. The holiday lull from Christmas provides small to medium business owners with something that only comes around once a year – the opportunity to use the holiday season to properly take stock of the business and their accounts. The services of a good accountant in St Asaph can allow these businesses to identify weaknesses within their affairs and also to tighten their processes.
Upgrade Your Systems
There are accountants out there which can help you with a series of tasks which will improve the flow of your business. Take moving to a better system, for instance. Most small business owners dread the thought of doing so. While moving to more favourable, or cheaper software is usually quite simple, the thought of moving from traditional means such as paperwork, spreadsheets and manual processing to a cloud-based management system can be daunting to even consider, let alone execute. The services of a good accountant can help you hit the ground running in order to futureproof your business.
Sort Out Your Expenses
Do you want a more effective control of your business outgoings? Then you really need to pay attention to your expense categories. Expenses, by their very nature, become rather messy and rather convoluted over time, as (of course) every day and every expense is more than likely not going to be the same. Plus, you can have a system which works for you, but some employee, somewhere, is going to put their expenses in the miscellaneous section just because it’s a little bit easier for them. You can’t account for human error, and expense categories can quickly become messy and convoluted, and cause you a real headache when it’s time to get an audit.
Check Your Petty Cash
Petty cash can, believe it or not, turn into a confusing mess. Typically, businesses run a system which means that an office float provides cash for everyday expenses, which means that petty cash operates outside of a main expense management setup. Therefore, petty cash will not benefit from your accountant’s checks and balances. Make sure you look behind all of the corners!
