This time of year, you may find yourself thinking about small business resolutions that you’ve put off in previous years. It’s natural. The beginning of the year is a chance for a fresh start, and, business owners, like other people, consider making changes to improve their lives. We all want to reach our full potential, whether that means personal growth, education, increased prosperity, or improving small business financial performance. Goals aren’t enough, though. Our list of resolutions is meaningless without an action plan. While we at Elite Accounting Solutions may not be able to help you drop that last ten pounds, eat more healthy foods, or exercise more, we can help with your small business resolutions.
Small Business Resolutions We Can Help You Achieve
If you’ve been proscrinating, putting off small business goals listed below, maybe this year is your year! Our bookkeeping experts help businesses in Sacramento, San Francisco and Bay Area, and California, achieve these business goals and more.
1) Organize Business Finances
Organization is a key ingredient for most successful small businesses. Having finances organized in a meaningful way, allowing you to maintain reliable financial records and mine those records for relevant metrics, may be the difference between winning the race and being an “also ran”. The heart of our bookkeeping services is organization. It’s not as painful as you may imagine. Our accounting experts can have your business finances organized quickly, whether you run a startup, a home business, are self-employed, or run a small business. We’ll guide you every step of the way, ensuring your business finances are organized correctly, the first time, within a system that is easy to maintain for years to come.
2) Migrate from Spreadsheets to Accounting Software
If you’ve been keeping your business accounting records in spreadsheets and you’d like to migrate to desktop or cloud accounting software, we can make it happen. Spreadsheets have their place, but, they are also inefficient and frequently a cumbersome way to keep bookkeeping records. Spreadsheets are often not connected to one another, force you to duplicate your efforts, and frequently do not provide the immediate financial transparency that modern-day desktop or cloud accounting systems offer. If migrating to an accounting system is one of your small business goals this year, receive a free consultation from Elite AS and you’ll find out how easy we’ll make it.
3) Analyze Finances & Budget
The truth of business finances is in the data…if you can see it. Monitoring finances, understanding key performance indicators, and planning for profit by means of a budget are invaluable tools for any small business owner. Elite AS can provide easily understandable monthly financial reports that can guide you to business decisions that improve your bottom line. We can also help you create and manage a budget, so you have clearly stated goals to work toward.
4) Increase Profit
Increasing profit is always on the minds of business owners. If you are wondering why this oft-dreamt-of small business resolution is not number 1 on the list, it’s because the first three goals – organizing business finances, migrating to accounting software (if you haven’t already done so), and analyzing finances and budgeting – are dependencies that can help you realize your profit goals. Goals 1-3 will provide the visibility and insight required to make your profit dreams a reality.
5) Reduce Expenses
This small business resolution goes hand in hand with goal 3. If you analyze finances and use a budget, you are more able to identify wasteful expenditures, which you can reduce to increase profit.
6) Pay Less in Taxes
Paying taxes is necessary, but it doesn’t have to be painful. If you are doing your own bookkeeping, you may be missing opportunities to reduce the amount of taxes you pay. Our experts can identify allowable deductions that may have been overlooked or inaccurately calculated.
7) File Taxes on Time
If you scramble each year to file taxes on time, maybe this is the year you get to relax. Tax season provokes a lot of unnecessary anxiety in small business owners – particularly for those that do their own bookkeeping. If you are tired of the year-end scramble to gather documents, receipts, income statements, expense statements and have had it with the annual frustration, call us at (916) 389-7910. We make tax time easy! Imagine having the confidence and peace of mind that tax preparation is accurate and filed on time.
8) Keep Compliant and Accurate Books
Bookkeeping and accounting are best left to professionals, and for very good reasons. An expert bookkeeper is an expert because they’ve had the training, understand rules, regulations and best practices, and probably more importantly, the experience of performing bookkeeping and accounting tasks daily. If you “dabble” in bookkeeping, get by but don’t really understand it, it can cause all kinds of problems for your business. If you can’t depend on the accuracy or thoroughness of your work, you may be waiting for the “other shoe to drop” (as the saying goes). On the other hand, outsourcing accounting to experts like Elite AS, means you can rest assured that your business is compliant and books are accurate. We provide several online accounting service packages including custom packages that suit the needs of most businesses (at a fraction of the cost of hiring an in-house bookkeeper).
9) Have More Time for Yourself and Business
There are few business owners that complain about having too much time! Most do battle with the clock daily. This is very true for business owners that do their own bookkeeping and accounting. Our services will help you win back the time you lose to inefficient financial record keeping processes. While it’s admirable and perhaps even necessary at the start to wear many hats in your business, wearing the accountant hat likely costs a lot of time and money. Outsourcing accounting to Elite will not only ensure that your business finances are more organized and accurate, but you will have more time for life and running your business!