7 rewarding New Year’s resolutions for a successful business in 2023
It’s that time of year again when you get a moment to think about your business and the direction you want to take it with the coming of a new year.
And just like you would in your personal life, setting New Year’s resolutions within your business can be rewarding and help you achieve your big goals. Now is the best time to think about what’s truly important to you to build a successful business – and, in turn, create a happy life.
Taking charge of your business and focusing on your bookkeeping and organisation can translate into a few simple tasks with huge benefits, which we’ve outlined in this blog. Here are 7 rewarding business New Year’s resolutions to help kick off 2023 and put your business on the path to success this year.
New year’s resolution #1: I will keep and file receipts
Don’t underestimate the power of keeping your receipts. Your receipts show a record of your business’s activities and spending, which then tells you a story.
It gives you an overall look at how efficient your business is, where you can save money and what your bottom line and profit looks like. It also means your books will be up to date come tax time and may even reduce your tax obligations.
New year’s resolution #2: I will review workplace policies
There’s never been a better time than right now to review your workplace policies.
Regularly reviewing policies (every quarter is best) will help to keep your business up to date with your industry’s regulations and best practices. In turn, this will help you maintain consistency and effectiveness, especially when it comes to your bookkeeping.
At Accounts All Sorted, we pride ourselves on staying abreast of our clients’ industry regulations, best practices and other information to help you grow.
New year’s resolution #3: I will update current pricing
This year we have seen interest rates and inflation rise, which has increased the cost of goods, services and living. Where does your current pricing structure sit in relation to these changes?
Look at what it’s costing you to run your business and consider a price increase to account for the rising costs you may be facing now and build a successful business in the future. Also consider what it will cost you if you don’t update your current pricing.
New year’s resolution #4: I will be organised
It’s time to Marie Kondo your business and get organised for 2023, physically and digitally!
- Physically: Clean up your office space and declutter, throw out anything you don’t need or use. Make it a space that you and your employees will enjoy going to and being in, so it is more productive.
- Digitally: Clean up your computer files, systems, processes and books. Get physical files and records into your digital platforms and get everything up to date to start fresh this year. Delete or archive anything you don’t need right now, but remember to keep all records in a safe place.
If you need a bookkeeper to give you a hand to get your books organised this year so you can stay on top of your business and tax obligations, please reach out, we are ready to help you. Link to Why you need a bookkeeper blog
New year’s resolution #5: I will pay ATO liabilities on time
Keeping your books up to date will mean you can lodge your BAS and pay the ATO on time. If you don’t pay your ATO liabilities on time several things may occur that can impact your business. You may have to pay interest or you may be fined depending on the situation.
It’s important to speak with your tax or BAS agent if you owe money to the ATO so you can arrange a payment plan.
New year’s resolution #6: I will pay super on time
Super is due on January 28, 2023 and we can’t stress how important it is to pay your super on time so you don’t incur any extra fees and charges ~ click here to learn more
If you have employees, super has to be paid at least every three months (four times a year) into their nominated super account. There is more information about paying super on time here.
If you need help and advice from a bookkeeper on superannuation for your business, please get in touch with us at Accounts All Sorted. Link to contact page
New year’s resolution #7: I will review employee performance
Your employees are your greatest asset (and biggest liability and cost as well), so it is important to review their performance every 12 months to see where improvements can be made to increase your bottom line. However, it’s also a great way for you to be reminded of their strengths and how you can help them develop more within their role and in your business so they can grow and feel valued too.
Bookkeeping services for your successful business
Build a successful business in 2023 with Accounts All Sorted and get your bookkeeping organised. We can help you with:
- Full service: We take care of all your bookkeeping requirements so you can work on your business.
- Shared service: We work with you to ensure you remain compliant and up to date.
- Catchup bookkeeping: Ideal for those who have fallen behind and need assistance in getting their books up to date.
Reach out and let’s have a chat to see how we can help. Contact us todayTalk To Us Today