Guess what time it is? It’s tax time! You’ve probably already started reviewing your finances from 2017, and if you haven’t it’s time to review your finances. Depending on the size of your company you’ve got someone to help you with the finances. If not, it’s a great idea to get with an accountant or financial advisor to review your accounts.
5 things you should do to get your finances streamlined.
- Review your finances from the previous year. If you have an accountant, sit down together and go over each dollar that was spent, why it was spent, was it necessary, and ROI. If you don’t have an accountant or financial advisor now is the perfect time to get one!
- Work with them to create a new budget that takes all these factors into account, and then make the effort to keep expenses down. Anyone with a business knows the benefit of good bookkeeping and making your money stretch! Make sure to consider quality and price, never just price. It’s not worth going cheap if, in the long run, you end up having to pay more.
- Start exercising… self-control! It can become a habit to not review what you spend and to throw caution to the wind. This is what is called the “credit-card mindset”, where you can spend it before you have it and in the end, you end up poorer than you ever were rich! Even if your business is a success taking the approach of, “Save now, spend later” can help you grow even more.
- Pinch pennies. We’ve all heard the saying, “If you count the pennies, the dollars will take care of themselves!” This goes back to working with your accountant and saving now. When you look at a dollar as not a dollar, but as a 100 pennies…that’s, well, a lot more of something!
- Work with a tax accountant to make sure you are getting all your deductibles and writing off everything that you are able to. Especially having a business, it is best to work with something that is an expert in business taxes to ensure you aren’t making costly mistakes!
The finances of your business are crucial to your business’ success! Stay on top of them, so they don’t bring you down!