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How your accounts can help you to evolve in 2017

Whether they’re based in Berlin or Bromborough, the most successful companies are constantly evolving. Traditionally, the New Year is a time for personal review and change, but it is also an excellent time to make changes in your business.

Tap into a positive vibe

Your employees are in the right mindset for change. They want to improve on what they did last year, so the New Year is a good time to present plans to move your business forwards.

For many companies, January and February are slow months workwise, which has its benefits. It means that your personnel are not working under too much pressure, so will have the time to implement new processes. They can hone skills so that when work starts to pick up in the spring, your new working practices show progress.

Using your accounts to do the groundwork

So, now you can see that the New Year is a good time for change, you are no doubt wondering what all this has to do with your accounts. Wel,l quite a bit actually.

Without accurate accounts you cannot make changes that you know are going to make you a profit rather than a loss. You also need to be able to demonstrate the financial benefits to your management team to help them to believe in the changes you are planning to make. It’s very important to get those that lead in your business on your side and motivated. If they are not sure that the planned changes are positive, workers will notice this, and it will be harder to successfully implement your changes. Worst still, they might leave, since the job market is competitive in Bromborough and the wider Wirral.

What to do next

The first step is to bring your accounts 100% up to date. Be sure to look ahead a few months by including invoices you are expecting to be paid in January, and the cost of materials you will need to buy in the first few months of the year. If you start this work now, you can get it done before the Christmas rush.

Also, bear in mind that December 2016 has two bank holidays and five weekends. That means you will lose two extra working days this December, in comparison to last year. As a result, the more work you get done in November the better, because your workforce will find it particularly hard to take on extra tasks this December.

Pull off your reports

Once your data is up to date, you will be in a position to pull off profit and loss reports, which you can use to determine which areas of your business are currently the most profitable. If you think that these trends will continue, you can put together plans to expand those areas of your business in 2017.

Using the invoice data and purchasing data for the first few months of 2017 will allow you to work out how to finance these changes. It will also allow you to identify gaps in your workflow, which you can potentially use to implement your changes.

By using your accounts data wisely, you will be able to make a positive start to 2017, and keep your Bromborough business moving forwards.

Posted by Mark
November 23, 2016
Accounts

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