Financial Resolutions to Make in the New Year

If you’re in the habit of using the new year to make resolutions, consider implementing these accounting practices in 2018

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

Here are just a few examples of financial resolutions you can make to have your best year yet in 2018.

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 in 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, accounting-wise? Consider making some resolutions that will lead to even greater security, for you and for all your team members.


About the Author
Amanda E. Clark is the president and editor-in-chief of Grammar Chic Inc., a full-service professional writing company. She is a published ghostwriter and editor, and currently under contract with literary agencies in Malibu, California, and Dublin, Ireland. Since founding Grammar Chic in 2008, Clark, along with her team of skilled professional writers, has offered expertise to clients in the creative, business and academic fields. The company accepts a wide range of projects and often engages in content and social media marketing, drafts resumes, press releases, web content, marketing materials and ghostwritten creative pieces. Contact Clark at www.grammarchic.net.



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