Good Financial Housekeeping

It’s cold, it’s dark, you don’t want to go outside.  So isn’t it a perfect time to tackle your business’s financial housekeeping and get on top of things?  Honestly, you’ll feel better afterwards…and you will be way ahead of the crowd who won’t put it on their to do list until they make (and break) their New Year Resolutions!

55444426 - house cleaning product on the tableBecoming efficient probably shouldn’t feel as challenging as it does, but it often turns into a struggle because it just doesn’t get people excited (apart from accountants and tax advisers of course!).

But good financial housekeeping is a priority. Staying on top of the regular bank reconciliation work can make all the difference.

In our experience too many new business start-ups leave the upkeep of admin to either the weekend or the month end, often because it’s boring or seen as an add-on to the real business of chasing sales targets, providing services and keeping customers happy. So it is often put off,  leaving a business owner with a stack of work to wade through come the end of the month.

So, what does good financial housekeeping look like? Ideally, going through bank statements daily, keeping on top of expenses and making sure each sale is properly recorded.  Yes, it can sound like a real pain to do a bit of admin every day, but if you do, it means a couple of minutes at a time rather than days of soul destroying catch-up work!

6791947_sOften statistics are trotted out concerning the failure rates of start-ups – with some saying as many as 80 per cent fail due to some form of cash flow issues. This in itself can link back to keeping finances in order – for example, when it comes to VAT returns, if you get it wrong, you’ll be in for a big shock when it comes to cash flow.  And good financial housekeeping also means you will be able to actually track your business progress and have greater clarity as to how the business is performing.

So…resolve to tackle that paperwork, call upon your accountant for assistance to get you started, or to take over the payroll/the management accounts/whatever frees you up, or to point you in the direction of the right accountancy package for your business.  There is some great technology out there now but unless you take a breath and embrace it, you will be stuck using something that may make record keeping more laborious than it needs to be.  Honestly, it is worth the time talking to your accountant (hopefully us!) and exploring accountancy packages like Sage, Farmplan, QuickBooks or Xero (or others). After all, wouldn’t it be nice to find out if a new package can automate a lot of the work for you or make your monthly bank reconciliations a lot less troublesome?!

cat-image-01That leads on nicely to introducing you to our new CAT (Cloud Accounting Team) who are our in house team of specialists who deal with all things ‘cloud’. As with everything at Dodds we’ve always been independent and the CAT is no exception. We won’t push you to any one particular cloud package, we will look at a whole range of what’s out there and advise you on what’s best for you and your business.

So if you fancy starting your spring clean early and getting your books in shape before the New Year contact Kristina Gash on 01228 530913 or email kristina.gash@doddaccountants.co.uk and request your free Doddie CAT guide.

Here’s a couple of great quotes to inspire you to get going:

“It always seems impossible until its done”. Nelson Mandela

“The way to get started is to quit talking and begin doing”. Walt Disney

“Action may not always bring happiness; but there is no happiness without action”. Benjamin Disraeli

“The secret of getting ahead is getting started”. Mark Twain

<Nov 2017>
MTWTFSS
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Nov 19

No events today
Personal service.  After all the years of dealing with Dodd & Co and being a small business, Alan is still always prepared to deal with any enquiries we have himself, where others might pass you on to someone lower down the ranks.
-- John Johnson