When running a business, it is so easy to push things to one side to focus on tasks that are deemed urgent at that moment. One thing that continually gets pushed to one side is the end-of-year organisation, and we promise you will not be the only one!
Keeping your year-end accounts and documents organised throughout the year can help your business in the long term:
- You will not need to take a bulk of time up at one time to get everything to date before the due date
- It will allow you to adjust your goals and the way you are working towards your goals to achieve them
- You will be able to see money influxes and decreases in advance, allowing you to allocate the money in the best place
- Allow you to celebrate successes when they happen
Here are our top tips on why you should stay organised for the end of the year:
Make sure your accounts are reconciled
Ensuring you do this regularly means that you are aware of any changes in your accounts, allowing you to allocate your money better throughout the year. Organising your receipts in this time frame will save you time as they are fresh in your head, and your bookkeeper will thank you for it.
The best way to store your receipts for ease of accounts reconciliation is to upload them to accounting software: we recommend https://dext.com/uk/business-owners this allows you to upload your receipts, give your Bookkeeper access to everything they require, keep all your accounts in one place, and will allow you to monitor your accounts easily.
End of year tax strategy
Implementing a tax strategy into your end-of-year accounts will allow you to focus on where your business stands with incomes and expenses. Monitoring your end-of-year tax strategy throughout the year will allow you to make adjustments meaning you will not be caught off guard at the end of the year.
Reviewing your goals
At the end of each business year, you should always set your goals for the following year, by remaining organised will allow you to monitor your yearly goals and make adjustments where needed.
Year-end incentives
Who doesn’t love a good celebration? Knowing how well you are doing will allow you to plan for the appropriate size incentive for you and your staff members to recognise and reward appropriately?
What needs improving
Again, this comes down to monitoring your business through the ongoing organisation of your year-end accounts. It will allow you to see areas of your business that needs improving without having to wait for the year-end before implementing any changes.