It’s that time of year again… Happy New Year! As we head into 2022, many people think of New Year’s resolutions, or goals, they want to focus on throughout the year. This is something you should also apply to your business! Here are the top 5 New Year’s accounting resolutions to consider for your business:
1. Financial Review
Make sure your business has a solid financial platform, your numbers make sense, and you remain in good financial standing. This is something you should be doing regularly anyway, but especially at year-end. Take the time to review growth, revenue, and sales objectives. You will want to head into the new year with a proficient understanding of your company’s finances.
2. Meet With A Professional
It’s important to schedule regular meetings with your accounting and tax professionals. You might reach out to your local CPA, EA, or CFP. They can help you review year-end financial statements and give tax planning advice for the new year. In addition, these professionals can assist in developing goals for your business from a finance, accounting, and tax perspective.
3. Understand Tax Changes
The IRS is constantly changing and updating the tax code. Many changes happen from year to year at all levels including federal, state, and local. Your tax professional can help you understand the newest laws and how they might affect your business.
4. Update Accounting Software
There are many great software options in the accounting world that can help you run your business more efficiently. In addition, many platforms roll out new, updated versions of the software each year. Your accounting software should stay up to date. It’s best practice to remain as current as possible. The beginning of the year is a great time to check in on these updates and consider any changes.
5. Set Business Goals
This is the most important accounting resolution for your business. Ask yourself the important questions like: How can you increase profits? What can you do to improve processes? Is there a way to streamline your accounting? And so on. Figure out what to focus your efforts on and lay out a plan to reach those goals. 2022, we’ve got this.