Financial Resolutions for Revenue Growth

Here are four clear goals to move your business in the right direction this year.

Image that reads Happy New Year 2018 with the 0 in 2018 being an alarm clock and the other numbers are made of wood.
January 7th, 2018
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Happy New Year! It has been a couple of weeks since I’ve posted. Not only did I take a little blog break, but a holiday break too; it was great! Now it’s time to get back to work.

Every new year, statistics show more than 40 percent of Americans make personal resolutions, but only eight percent of them achieve them. If you’re a business owner, why not put the effort into organizing your company or increasing revenue this year. Here are a few ways to get organized in 2018:

  • START NEW FILES – 2018 might be a new calendar year, but for most business owners, it’s not a new financial year. Despite that, I try to tell my clients the start of a new year is a great time to get organized if you’re not already. Consider creating a folder for each month to throw your receipts into. Now’s also a good time to create folders on your phone or use an app that will let you store business receipts to easily share with your bookkeeper. For example, apps like Expensify and Shoeboxed are great ways to keep your receipts organized electronically.
  • RECONCILE YOUR BANK STATEMENTS – If your bookkeeper or accountant isn’t regularly reconciling your bank statements, ask them why not. At Brigade Bookkeeping, we reconcile our client’s bank statements monthly, if not sooner. Your bookkeeper should be doing the same.
  • REVISIT YOUR PRICES – January’s a good time to revisit your pricing structure and make changes if necessary. Have you started offering more services this past year, but haven’t charged for them? Now’s the time to take a look at your price list and up your fees if needed.
  • GET A SECOND OPINION – A new year is also a good time to get a second opinion about your bookkeeping. You still have about three months until the corporate tax filing deadline, which gives a potential new bookkeeper a chance to reconcile any bank or credit card statements and to go through your books. Remember, if you have your own bookkeeper or accountant, they should be working toward the financial health of your company. If that’s not the case, it might be time to make a change.

The start of a new year signifies a fresh start. Make a resolution to focus on at least one way to make your business better this year. That’s a great way to make a difference and kick off 2018! If you have any questions about your 2018 accounting or bookkeeping, please email me or give one of our Brigade Bookkeeping team members a call.

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