The birds are nesting, the flowers are blooming and hopefully your profits are soaring as high as those kites flying in the sky. We have some spring-cleaning financial tips to get your business financial house in order!
Pare Down The Paper
Crinkled receipts in your wallet? Filing cabinets overflowing with papers? Paper clutter can be both a physical and mental drain on you and your employees. However, you also know you need documentation to substantiate your business expenses. Have you considered making a clean sweep and going paperless? There are many options available to help you embrace a fully digital system of tracking paperwork and receipts. Even the IRS accepts digital copies of documentation, so why would you weigh yourself down with paper? Breakwater’s Workflow Solutions team are experts in advising on systems based on your business needs and can provide a tailored tech stack to take you from overflowing shoe box to streamlined systems! See how we can help here.
Check For Signs of Financial Goals Blooming
As you approach the middle of your financial year, it’s a good time to check in to see if you’re on track with your annual goals and budget and even starting to look ahead to next year’s goals. Are you hoping to move the needle on sales? Are you setting budget goals and designing a plan for you and your team to take your business there? You can’t know where you’re going without looking where you’ve been. Use the tools at hand – your year-to-date financial statements, your financial ratios and your Breakwater team – and let your numbers do the talking. Do you want to increase sales by 20% next year? How do you need to grow your team and resources to get you there? Are you looking to stabilize and sustain at your current levels or is your business ready to scale? It’s time to stop and smell the roses as well as plant the seeds to grow your business. See how we have helped other businesses bloom here.
Dust Off Your Budget
Your budget may have been turned completely upside down by the pandemic over the past year. Now that we have a full year of the “new normal” (which has hardly been normal) behind us, it’s time to assess spending patterns and look to what the future may hold. Travel, meals, and office expenses have all been impacted over the past year, but as your business gears up to resume some normalcy, it’s time to ask some important budget planning questions. Budget items like rent and meeting space deserve a close look as you consider how your business operations will look in the future. Could this be an area of savings if you turn your team into a fully remote one or does your business rely on in person space to facilitate revenue? Are you planning to increase travel costs as things reopen? Looking ahead by using the past year’s trends can help you identify areas of need, as well as areas to decrease your expenses.
Spring holds the idea of hope and fresh starts. Your breakwater accounting + advisory team consists of people who care, have technology that fits and expertise that matters. Let us help your business grow into the next level.