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Five New Year accountancy tips

For business owners, the New Year is always an interesting time. Typically, business us a little quieter, which makes it the perfect time for a company to get their affairs in order. Whether you are a company working out of a big city like Liverpool, or a smaller one in the Wirral, using the New Year lull to review your accounts makes a lot of sense.

1. Review your accounting processes

Now is the time to take a critical look at your accounting processes to make sure they are robust, and still fit for purpose. This is especially important if you have not done so for a few years. The chances are you are doing things in an old-fashioned way and are not working in the most efficient manner.

Those firms that regularly update and streamline their business processes are the ones that make the most profit. An awful lot of labour hours can be wasted simply by not updating the way you carry out key tasks.

2. Retrain your staff

In 2015, Liverpool was revealed to have a higher job growth than London and the UK average, and the city maintains a skilled and flexible workforce. If you have not updated the skills of your accounts staff for some time consider, sending them away for further training, or getting them to complete an online course. The fact that the New Year is a relatively quiet time makes it ideal for doing this.

3. Speak to your accountant

Most Liverpool-based accountants are back to normal working hours by the first week in January, so why not make an appointment to see your accountant? Doing so gives you the chance to sit down and review your current package of services, and work out whether you need to change anything.

4. Review your business goals

This time of year is also an excellent time to take a fresh look at where your company is heading.

To help you to work out what direction to take your business over the coming 12 months, start by printing off a full suite of annual accounts. Armed with this information, you will be able to make sound decisions that will help you to stay in profit during 2017.

5. Set up some special offers

Given the fact that business can be slow at the start of the year, it is a good time to use special offers to bring in more orders. Your accounts team will be able to tell you which products to promote, and make sure that you choose a price point that will not leave you losing money.

Sometimes, you can use special offers to get rid of old inventory. This is a great way to help you to start the year with a healthier bank account balance.

Getting a fresh clean start to 2017 will set you up for success in a year of some uncertainty, as the true impact that Brexit will have on UK companies starts to become clearer and both opportunities and challenges arise. Only those business owners that have a good grasp of their company’s finances will be in a position to respond quickly and take advantage of them, so make sure you don’t under-prioritise your accounts.

Posted by Louise
January 1, 2016
Accounts

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