As we wave goodbye to the challenges and successes of the past year, it's time to hit reset and plan for financial success in 2024. I've pulled together a checklist of essential financial to-dos to ensure your business starts the new year on a solid financial footing.
A quick question before we dive in...
How confident do you feel with your business finances in 2024?
- Very confident!
- I've not got a clue!
- I think I need a bit of support!
Reflect and Review
Before charging ahead, it's important to take a moment to reflect on the financial journey of the past year. Analyse your financial statements, review your successes and setbacks, and look over your key performance indicators.
This retrospective view provides great insights into what worked well and areas that may need adjustment in the coming year.
Set SMART Financial Goals for the New Year
Set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) financial goals for your small business in 2024 to set you on a clear direction for your business finances in the new year. Whether it's increasing revenue, reducing expenses, or expanding your client base, having clear objectives provides a roadmap for your business.
Refresh Your Budget
Taking into account your analysis of the previous year and your goals for the next 12 months, it's now time to refresh your budget and financial forecasts.
Factor in any changes in your industry, market conditions, or internal business changes. Now is also a great opportunity to review any changes in tax laws that might impact your business.
Consider chatting with your accountant to identify these changes in your industry, business and tax laws in order to make the most of your business finances in the new year.
Bonus: Embrace New Technology
Embrace the power of financial technology to streamline your processes and enhance your financial management. From cloud accounting platforms to automated invoicing and expense tracking tools, integrating technology into your financial workflow can improve efficiency, reduce errors, and provide real-time insights into your business's financial health.
If you are looking for more guidance or a helping hand with making your first or next hire, don't hesitate to get in touch with Catherine on 01423 431 889 or email catherine@bctaccountants.co.uk for your FREE consultation call.
Please note: all stats are accurate for the 2023/24 tax year.