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Financial Resolutions for Your Small Business in 2022

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While many people focus on their physical fitness heading into a new year, as a business owner you should be setting your sights on the future of your organization’s financial health. One of the best ways to get started is by making a list of tangible action steps to take right away, in order to set your company up for a strong start in 2022.

We’ve compiled some of the best resolutions for your small business’s finances throughout the year, while also highlighting the helpful ways our services can be utilized to you get there. These are resolutions you won’t have to take on alone!

Regularly Review the Books

One of the best ways to plan ahead is by first taking a look backwards. Reviewing your revenue and expenses on a weekly basis is a great resolution to establish right away if you’re not already. This helps you manage your cash flow and be able to address any potential issues that may come up in a timely manner. If you can catch it early, the impact may not be as severe.

How we can help: With our Bookkeeping Services, you can feel confident these details are always being reviewed by a professional. We provide daily transaction classification and expense tracking, payroll, bill payment and invoicing so you know where your business’s money is coming from and heading to.

Map Out Your Financial Goals

Taking stock of the past is a great way to get started on your new year, but equally important is planning ahead for the goals you have in mind for your small business. When it comes to your financial goals, it’s best to make a business budget based on what you’ve already experienced and can realistically expect in the future. This sort of planning can help you decide early-on what you’ll be spending and how much money you need to earn in profit to keep your operations profitable.

How we can help: If you need assistance with budgeting and financial planning, our Business Management Services are a great way to get the benefits of a CFO, without the cost. We provide a deep analysis of your data and create customized reports to help guide you through the budgeting process more easily.

Update Payroll Operations

One area that business owners may overlook is the systems in place for payroll. While it may seem to be working just fine, there could be ways to update and improve the overall function of this process. For example, if you currently provide paper checks, it could be more time and cost efficient to switch over to electronic payments.

Also, by regularly checking in on payroll you will be able to see the status of your employees and if any updates to roles and compensation need to be addressed. Misclassifying a person who works for or with you could result in a loss of money, or penalty from the government.

How we can help: From scheduling payments, to payroll filings, W2 and 1099 processing, and much more, we take on the entire payroll system for your business so you can save countless hours consumed by payroll tasks. Our team will help you set up on our secure, and easy to use, online platform to make the experience a breeze to keep up with.

Get Tax Planning Advice

The ever-changing tax laws and codes can seem daunting and confusing for those who aren’t experts in keeping up with them. One of the best ways to handle this stressor is to hand it off to someone else! Professional tax advice will save you a lot of time, money, and potential legal troubles.

How we can help: Our Tax Services are completely tailored to fit your needs as a business. Each company we work with gets a custom analysis to find the appropriate deductions and considerations to get you the best outcome each tax season. We also offer a seamless, digital experience so you can file with ease.

Running a small business is a lot of work, and you deserve to focus on the aspects of your company that excite you. If you’re looking for a trusted partner to outsource your accounting needs, take a look at our Service options for ways we can increase your productivity and save your business money! With the right preparation, 2022 can be financially secure and exciting for your small business.