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How to grow your business this new year.
29 December 2022

Work may have been far from your mind for the last week or so but with the festive season over, it’s now time to get back down to business and think about the new year.

To get you inspired we’ve put together some of the top resolutions that could help you boost productivity and profit into your business this year:

Use cloud accounting software.

If you’re a small business owner and not already on a cloud accounting system, such as Xero then we strongly suggest you should be. The benefits of using a system like Xero means all your financial information is not only kept in one place but it also saves time and money. It allows the current financial position of your business to be seen at any time which is essential when running your own business and means doing your bookkeeping is quicker and easier saving you time.

Keep business and personal banking separate.

Not having separate bank accounts for business and personal, or using the wrong account to pay for things, can mean your finances can get a bit messy. Keeping them separate lets you know exactly where your business is at financially and saves you having to sift through hundreds of receipts and separating them into personal and business transactions.

Keep track of what you have bought.

So many of us make the mistake of not keeping our receipts, especially during Christmas and New Year but all those small amounts can soon add up. Keeping all your receipts is important for a number of reasons: evidence of transactions, proof of your finances to HMRC, assistance with budgeting and they allow you to be able to claim all of your deductions in your tax return and give an overview of your business year. Clearing the backlog can be painful but fixing the issue going forward is the key. We recommend using the Xero add-on Hubdoc which allows you to take photos of your receipts and send instantly on the app. Hubdoc automatically processes, categorises and sends your receipts into Xero without you having to do a thing … so when you return from your Christmas break, they are all sat there for easy reconciliation.

Do it regularly.

While every business owner is always busy, you don’t want your bookkeeping to become a burden and cause you sleepless nights, so setting a routine will save you lots of time.

Decide whether daily, weekly or monthly bookkeeping will work best for you and then set aside the time to do it. If you don’t understand where you are today, you can’t move forward tomorrow. Get into the habit of reviewing regularly to give you strong foundations.

Automate.

Take a look at the manual tasks that eat up hours of staff time every month and identify those that can be automated. Using an add-on like Hubdoc automatically processes, categorises and sends your purchase receipts into Xero without you having to do a thing and are all sat there for easy reconciliation. With its fetch functionality it can even automatically source financial documents from hundreds of banks, utilities, telecom providers, and online vendors.

Issue any invoices.

If you’re on a cloud accounting system such as Xero, scheduling your sales invoices is an easy way to keep the cash flowing while you enjoy that hot chocolate or prosecco

The repeating invoice function allows you to invoice your clients on a regular basis without having to lift a finger. This can be combined with tailored e-mail reminders which automatically prompt clients who haven’t paid but still have that personal touch.

If you would like to take some of your time back to be able to grow your business then why not allow us to handle your finances so that you can focus on what you love to do – growing your business, all year round. “If you want to run your business without having to spend all day thinking about tax and bookkeeping, then hire these guys”.

Here’s to a happy and healthy 2023!