6 New Year’s resolutions for your business

The seasonal holidays are over; it's 2017 and it's time for making (and sticking to) those all-important New Year's resolutions for the coming 12 months.

And those resolutions aren't just reserved for your personal life – it's just as important to set some practical resolutions for your business too, helping you to meet your goals over the course of the coming year.

So, with this in mind, here are our six suggestions for resolutions that will make sure 2017 is an amazing year for you and your business.

1. I’m going to get my accounting and tax return started early

As everyone knows, the tax deadline is the 15th of April. This means there are only three months to get all your documentation, accounting data and tax returns together (and that time will soon disappear, believe us!).

When it gets to the start of the calendar year, it's not uncommon for this to cause a small amount of panic in most business owners. Are your accounts up to date with all the numbers needed for your return? Do you know where all your receipts and paperwork are? Are you going to make the deadlines, or is the IRS going to hit you with a late penalty?

If your business is working from a set of messy financials, January is the time to kick those accounts into shape as a matter of urgency. Come and talk to us here at Nimbus and we'll help you get your numbers and documentation in order, and get you ready for that April tax deadline.

2. All my documents will be digitized

Getting your accounts, receipts, and documentation together in an organized fashion creates a stable foundation for all your other financial processes.

We use the excellent HubDoc software to download all of your bank and utility statements and get them pulled into your QuickBooks Online accounting software. HubDoc uses optical character recognition (OCR) tech to automatically read and download your invoices and statements from websites as raw data.

This is a huge time saver, meaning you don't have to get tied up in admin work (work that adds no value to your business) and we don't have to wait around while you get your paperwork sorted. You just email your receipts to HubDoc, or scan the documents with their smartphone app, and we instantly have all the information we need.

It's a brilliantly efficient way to capture all the paperwork and get your bookkeeping and tax documentation sorted.

3. I will ask my accountant more questions!

One of the biggest challenges faced by small businesses is the fear of being put "on the clock" with their accountant.

With us, that's not a problem. But regardless of the relationship you have with your accountant regarding fees, it's an absolute priority to ask questions – because it will save you in the long run. An ounce of prevention is worth a pound of cure, so reach out early when there's a business issue you need expert help with.

Building a great working relationship with your accountant is a must – if you don't, you'll soon be looking around for a new accountant.

4. I will use the latest in apps and tech to revolutionize my business financials

Software and business apps have revolutionized the way we look at financials.

We've tested and implemented the best possible tech to help you to understand your business and get the long-term outlook you need. The phenomenally powerful CrunchBoards cloud reporting and forecasting tool builds out your data and numbers into clear, colorful reports and data visualizations. You can also arrange a monthly or weekly meeting with your accountant to go over your financials and make sure you have a complete understanding of your business status.

With software giving you such a brilliant real-time view of your numbers, you're better informed, and you'll make better decisions.

5. I will get paid faster by using automated invoice chasing

Many small businesses find it hard to get paid on time – in fact, statistics from Xero online accounting show that the average business gets paid two weeks late, regardless of the payment terms you have on your invoices.

Late payment of your invoices has two key impacts for a small business:

1. You waste time chasing these late-paying customers and getting them to settle their bill as soon as possible.

2. Your income for the month gets a kicking, which can have a massively negative impact on your cash-flow situation.

At Nimbus, we're always looking for ways to help you improve your operations and that's why we use the amazing Invoice Sherpa and Debtor Daddy apps to help you automate your accounts receivable, reduce your debtor days and cut down on the time you spend chasing customers for payment.

Invoice Sherpa automates the whole process of sending out invoices, chasing those invoices and taking payment, while Debtor Daddy is your software-driven debt collection tool. By combining them both, alongside cloud accounting software, you'll soon be getting paid faster, more regularly and improving those cash-flow forecasts!

6. I will let the experts deal with my taxes

Tax is a complex area for any business owner to get their head around. So why waste time and energy dealing with your own taxes?

Working with an experienced tax accountant takes the pressure off you and ensures you get the best possible outcome from your tax planning across the year. You can have an accountant and a tax accountant, and get the expertise of both when planning your finances for the year.

At Nimbus, we're very happy to work in partnership with your tax accountant, so you get a seamless financial experience that covers your bookkeeping, taxes and all your business strategy and planning.

I will make 2017 a great year for my business!

When you implement our six key New Year resolutions, you'll not only have new inspiration for 2017: you'll also be continually implementing your brilliant ideas, be more efficient, and have your accounting and taxes completed on time (or early).


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