How to improve your year-end processes and plan for 2023
We’re well into the final quarter of the year, with 2023 just a few months around the corner. But are you ready for the year-end? Lombard Accountants believe that it is important to have done your homework when it comes to planning your business journey for 2023 and beyond.
Lombard Accountants will discuss the key ways to tie up your year-end and start the new year with a clear strategy to drive your business forward.
Making your 2023 business journey that little bit easier
The past couple of years have not been easy for the average small business owner. Cashflow will have been tight, prices and costs have been steadily rising and the marketplace is ever-more competitive as we move into 2023.
So, what can you do to make your life easier for the coming year? And what checks should you be making as we wrap up this final quarter of 2022:
- Is your bookkeeping up-to-date? – make sure you’ve entered all the expenses, costs and receipts for this final Q4 period. And check that you’ve scanned all the documents and receipts that are needed to finalise the books and meet your compliance requirements. With everything uploaded and matched in your cloud accounting software, you’ll make the job of wrapping up your period-end accounts much easier.
- Have you invoiced out for all the work completed in this quarter? – look through your recent sales and projects to make sure that everything that should have been invoiced out has actually been billed. Work carried out in this period should be invoiced out in the same period, so your accounts and cashflow all tally and reconcile neatly.
- Do you have any outstanding supplier bills or customer payments? – check your accounts payable to make sure you’ve paid all your supplier bills and that there are no outstanding debts to pay. Also run an aged debtors report and see if there are any outstanding customer payments that have yet to be received. If you haven’t already, set up automated chaser emails for late payments, so you can start 2023 with the best possible credit control processes and accounts receivable performance.
- Have you set your key goals for 2023? – with your bookkeeping sorted, it’s time to look forward to the new year. What are your aims for 2023 and how do you plan to achieve them? Set out your goals for the coming year and make sure you communicate these targets clearly to the whole business. When everyone is singing from the same hymn sheet, you make it easier to drive performance effectively.
- Do you have a business plan that’s ready to implement? – put your goals and targets for the year into a detailed business plan. Set timelines, agree on budgets and make sure you’re tracking progress against these – so you can see how well the business is performing. With the latest cloud tools and planning apps, you can get some amazing insights into your business journey and your overall return on investment (ROI).
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