New Year’s Resolutions for Your Business Accounts

The New Year is a great time to set yourself some goals and targets for improving your life and your business. Here are some great ideas to improve your business accounts in 2015.

1. Increase efficiency

Probably the only business expense that is fully in your control are the costs associated with your internal processes. The time you devote to routine admin tasks is time that can be better spent on revenue-generating activities. So if you haven’t done so already, making the move to a modernized accounts system such as Xero could be a good investment in boosting efficiency and profitability.

2. Chase up late payments promptly

Late payment of your invoices directly affects company cashflow, so one of your resolutions should be a commitment to chasing late payers immediately. The quicker you can get paid, the healthier your bank account will look.

3. Work more closely with your accountant

Your accountant can help with all manner of financial tasks – not just your annual tax return. This year make sure you get the most of their services, using their knowledge and experience to identify new cost savings and to better manage your budget – just remember that they will need access to your accounts data. And if your accountant cannot add additional value, maybe you should add an extra resolution about finding a new one!