Ahh, springtime. With the longer days and warmer weather, it’s the perfect time to clear out the cobwebs and get organized for the upcoming busy months. Spring cleaning isn’t just for your home — it can mean a refresher for your finances too.
Do you know what’s coming in and out of your business? Take some time to review your expenses, bills, and invoices. Maybe you have an outstanding bill that’s been lost under the winter pile or a late payer who needs to fulfill his responsibility. Keeping a sharp eye on your daily bookkeeping can help you stay organized and focused on doing good work. Make sure you keep copies of everything and file them in a safe place.
Separate business from personal
If you’re running a small business, it can be easy to mix up your personal and business expenses. In fact, you sometimes can’t help it! But with spring cleaning in full swing, now is the time to make everything separate. That means separate credit cards and checking accounts.
Make goals for the year
Sure, New Year’s Resolutions may have come and gone, but that doesn’t mean you can’t set new goals for your business this year. Look at your profit and loss, cash flow statements and balance sheets from the beginning of the year until now so you can set clear and actionable goals for the rest of the year.
Get up-to-date on the latest technology
These days, there are countless apps, software programs, and tools to help you manage your finances more easily. They can save you both time and money by doing a lot of the heavy lifting for you — and you don’t have to shell out major bucks to make the most of them.
Keep the momentum!
Once you’ve got your finances in order, it can be easy to let things slip back to where they were. Instead, take a little time each week to stay organized and on track. You’ll be thankful come next spring!
Foster Financial CPA is here to help with any of these tasks, as well as your overall business strategy. If you’re feeling overwhelmed after the tax season and need help identifying your business expenses, Foster Financial CPA can lend a hand.
Tax Tips for the Self-Employed
Everything You Need To Know About Form 1099-NEC
An Overview of the Net Operating Loss Tax Provisions in the CARES Act
How To Decrease Your Small Business Debt? A Step-By-Step Guide
Why Every Small Business Needs a Bookkeeper?
Tax Credits That Could Benefit Small Businesses