GoFi8ure on Setting Financial Resolutions to Start the New Year Right

GoFi8ure on Setting Financial Resolutions to Start the New Year Right

Concluding the year means wrapping up tax returns and keeping financial statements up to date. This way, business owners can welcome the New Year with a brand-new slate. To help, GoFi8ure shares some important financial resolutions that businesses should stick to for an uncomplicated and stress-free New Year.

  1. Set realistic budgets

Business owners who are planning to expand in the new year should first look into their company budget. A good first step is to review expenses with a professional accountant, and see if expansion is even viable in the first place. There may be instances where one business needs to trim expenses and set a more realistic budget to improve cash flow first. Whether that is in the form of examining operations, inventory, or cutting unneeded personal spending, there are many ways to significantly influence a company’s cash flow and financial position.

  1. Become more organised

Accounting can be time-consuming and difficult to manage, especially when businesses don’t have great record keeping. This could easily lead to losses if one does not keep files and records organised. Losing cash slips and encoding the wrong data will influence profitability. GoFi8ure recommends investing in professional help. Professionals specialise in handling time-consuming accounting tasks, so it is a valuable investment that will likely outweigh the costs in the long-term.

  1. Always be one step ahead

Complacency will never work when running a business. Businesses that are planning to apply for a business loan will need to provide tax returns, and this means businesses need to file them early on to obtain a stronger position, in order to get loan approval. A major plus is also utilising a reliable accounting software—such as Xero—so one can review and keep financials up-to-date.

Adaptable small firms focus on value – GoFi8ure

Smaller accounting firms are part of the fabric of many New Zealand towns and cities but they, like the large firms, have to adapt to a rapidly changing market.  

Hear from GoFi8ure’s Executive Director Lisa Martin about what she believes SME business owners need from their Accountant.

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