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It’s not too late for Financial New Year’s Resolutions

21/06/2018 by Jess Wallace in Industry news

Hard to believe it but 2018 is almost halfway done. So how are those New Year’s resolutions you made in January looking? You know – the ones about losing some weight and improving your fitness? You’ve forgotten all about them? Oh dear! Well never mind, because a new financial year is about to roll around, giving you yet another chance to at least get your business in better shape for the year ahead, even if you haven’t lost any of that midriff yourself.

Here’s some financial new year’s resolutions to help get your business trim, taught, terrific and thoroughly fighting fit:

Plan next year’s budget. Your accountant can be your business’s best friend, so sit down with them and map things out for the coming year. Work out those important dates and how you’re going to cover them financially and build up a contingency fund for unexpected problems.

Develop a cash flow projection. Developing a cashflow projection will help you identify any upcoming gaps in your finances and will help you find solutions to them before they give you a nasty unexpected surprise.

Reassess your banking needs. Banking is a competitive game and just because you’ve been a loyal customer to the same bank for years doesn’t mean that another one can’t offer features and terms that better suit your business. Is it time for another look?

Set revenue-boosting goals and strategies. Never rest on your laurels. It’s time to get ambitious by using the previous year’s figures to set some revenue goals and develop some realistic and workable strategies to achieve them.

Update systems and procedures. Good businesses don’t let the grass grow under their feet. Is your accounting software the latest version? If not renew it. Check your payroll to ensure the status of your employees is thoroughly up-to-date. While you’re at it check for any changes to the tax system affecting your business.

Cut your costs. Cutting costs in any business is a total “no-brainer”, so make a list of all those expenses and figure out where you can make some cuts. Perhaps your current suppliers are costing too much or you could spend less by buying in bulk? Reducing your energy spend can be as easy as changing your office lighting to LEDs. Why not use virtual meetings instead of travelling to them?

Make your accountant’s life easier. When your accountant isn’t groaning under a mountain of your paper work they have more time to work at making your business work better. You can make their life easier by using Fleetcare fuel cards to pay for fuel. You’ll get discounted fuel and all those fuel purchases will be condensed into one monthly statement. That's guaranteed to put a smile on your accountant's face.

They’ll also thank you for using Fleetcare’s fleet management. It will neatly itemise all those vehicle expenses and present them in a report that you can simply hand over to them. They can easily upload the csv file into your accounting program, saving their time and your money.

Installing a GPS tracking device in your fleet vehicles offers a heap of benefits, not the least of which is saving your accountant work. They'll love the perfect logbooks, split neatly into personal and business trips and automatically calculated into end of year reporting. They’ll also thank you for those FBT reports which can be automatically extracted, saving them hours of toil.

A little thought and application today will set your business up for a rewarding and profitable financial year ahead. If you’d like more information about how Fleetcare’s services can put a smile on your accountant’s face call us today on 134 333.

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