How to prepare your small business for the new year

We are approaching the end of the year and 2015 will be coming very soon. Preparing your business for the New Year will help you to make all the end-of-year business decisions. Also, there’s no better way to start the New Year than being organized and fresh after spending the holiday with your family and friends.

Below are 6 things you need to do to get ready for the New Year:

1. Evaluate your financial status.
You can’t make any future decisions for your business unless you are aware of your business’s financial status. Check how your business was during this year, how much income and expenses you made. You can easily check all your financial accounts through acclux accounting reports and analytics tools that can tell you everything about your business.

2. Get paid for outstanding invoices.
Send all your outstanding invoices to your customers and try to get paid before the year ends. This will help you to determine how well you did the past year, however if you want to defer income for the next year for Tax purpose, you can get your invoices ready but don’t send them till the Jan 2015. Learn how to deal with overdue invoices.

3. Close outstanding projects.
Try to finish all your outstanding projects and minimize the number of projects that would transfer to the next year.

4. Give your business a new online look
Start the New Year with fresh and new online look, update your website and your social media profiles.

5. Focus on what's working and close what's not
Evaluate your services and check what worked the best for you. If you have an inactive service, stop offering it and try to focus on adapting new ideas that enhance your winner service.

6. Do some tax work
It's a very useful habit to do some tax work and review your financial data with your accountant before the year ends so you can follow up with any advices for the New Year.

If you are looking for a business solution that can help you manage your business accounting, your projects and task, we invite you to try acclux accounting software. It's a complete accounting and project management software that designed to help small business owners grow their business.


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