Three Small Business Accounting Resolutions for 2019

Every small business owner should start the year off right, with strategic planning and “resolutions” aimed at solving some of the more vexing management problems facing his or her business. To begin, set aside one 8- hour day with NO interruptions to set goals for the business (the company’s vision & goals – financial and non-financial).  Then, book an off-site appointment with your leadership team (or just yourself if it’s just you) for one 8-hour day each quarter to review your company’s financial progress as well as progress towards the overall vision & goals of the company. 

Narrowing your focus to small business accounting and finance issues, here are three resolutions you might make today to ensure 2019 is your best year yet:

  1. Review your record retention policy
  2. Consider moving toward a more paperless system
    • Bank statements, credit card statements and vendor invoices can often be received electronically.  Consider setting up a system to store them that way.
  3. Explore new banking relationships
    • Consider credit unions and local/regional banks as well as the larger well known banks.  You may find a better fit for your business for credit card processing fees, loan servicing or customer service needs. 

If your business could benefit from a new accounting perspective, or your tax needs have gotten more complex, schedule a free consultation with a ShindelRock accounting and tax professional.