Start the New Year Right: 5 Bookkeeping Resolutions for Small Businesses
The new year is the perfect time to set your business up for financial success. Good bookkeeping helps you stay organized and compliant while giving you a clear picture of your financial health. Here are five resolutions to make 2024 your best year yet.
1. Have a System
Without a reliable bookkeeping system, managing your finances becomes overwhelming. Having a system in place gives you structure and peace of mind. Choose a system that fits your needs, whether you’re a DIYer or prefer professional guidance. Big E-Z’s accounting software offers user-friendly tools to streamline your bookkeeping, including automated reports and clear expense tracking. With options for monthly or annual subscriptions and additional support packages, there’s a solution for every business. Start with a free 14-day trial and see how it can simplify your finances.
2. Separate Personal and Business Finances
Mixing personal and business expenses creates confusion. Open a dedicated bank account and credit card for your business. Make sure you can download transactions in a CSV or Excel format: that will save you lots of time when used with an accounting system like Big E-Z. If you need help sorting this year’s records, join our free webinar. We’ll show you how to organize your expenses efficiently.
3. Schedule Regular Reconciliation
Reconciling means matching up your records to the bank’s records and noting the differences. It is a best practice for all businesses: reconciling your accounts ensures accuracy. Set aside time each month to match your bank and credit card statements with your records. Catching errors early saves headaches later. Join our monthly office hours for support and accountability. It’s a great way to stay on top of your books.
4. Be Consistent
Being consistent is key to keeping your books in order. From where you file your receipts to which category you choose for certain expenses, if you are consistent it not only makes your life easier, but your team and accountant will thank you as well. Sporadic bookkeeping can lead to incomplete data. Make it a habit to update your books regularly for an accurate bank account and peace of mind. Schedule a specific day each week or month to log your expenses and income. Consistency helps you avoid backlogs and makes tax season smoother. Looking for a little support with this? Join our exclusive DIY Client Hour for live bookkeeping support.
5. Track Your Cash Flow
Cash flow is the lifeline of your business. Monitor it regularly to avoid surprises. With a good system in place and one-click reports, you will be able to clearly see your cash inflows and outflows to maintain healthy liquidity. Big E-Z’s accounting software includes a Direct Cash Flow report that is comprehensive. Try it free for 14 days to see how it can help.
Make 2024 the Year of Financial Success
These resolutions are simple but impactful. They’ll save you time, reduce stress, and help your business thrive. Commit to these habits, and you’ll see the difference by year-end.
Need help? Big E-Z is here to support you with software, resources, and expert guidance. Let’s make this your most organized and successful year yet!