As we head towards Christmas break, now seems a good time to reflect on 2020, and head in to 2021 with a positive outlook.
Forgetting the heartache and fear the virus brought with it, purely from a small business owners perspective, 2020 has certainly put us to the test this year!
If you are heading in to 2021 with your business still in tow, give yourself a pat on the back! That wouldn’t have been easy.
Whether you saw your income crash, or even for those who saw increased turnover, each situation brought with it its’ own large challenges.
We are extremely proud to have helped you through it as best we could, and find ourselves EVEN MORE tired than a usual tax season would make us feel.
However, most of the credit goes to you! The business owner, the provider, the sales manager, the marketing manager, the MD, the FD etc etc.
Small business owners have to wear every hat in their business. This is tough enough. But to do that through everything this year and come out the other side – WELL DONE YOU!
So…what can we do heading in to 2021?
Here are our top 3 tips for 2021!
- Bookkeeping & Xero
If this year has taught you anything, please let it be the importance of up-to-date, correct financial information.
Making sure your bookkeeping is not only up to date on Xero, but more importantly correct.
Why not make 2021 the year that you get professional help with your bookkeeping?
We promise, 99% of the time, the benefits massively outweigh the small cost of having experts take care of your bookkeeping.
TEST – here is our test. Do you know what double entry is, and the effects it has on your bookkeeping?
If you answered yes – you could be ok doing your own bookkeeping after all
If you answered no – this is why you need an expert to make sure it is being done correctly
2. Forecast & Budget
Regardless of how big or small your business is, believe us, a basic budget is essential, and will help you sleep at night!
Imagine having a document & report that you can refer to at any moment, which tells you how your business will be doing in a few months time?
Imagine having a report which can estimate how much money you will have in the bank in 6 months time?
Imagine the power that will give you and your business?
Make 2021 the year of taking back control of your business, and stopping the constant nasty surprises!
3. Tax Planning
The additional benefit to point 1 above, is the ability to plan for taxes.
If experts like ourselves provide you with bookkeeping services, we then have the ability to plan ahead for what your tax bill currently is, what is is likely to be at the end of the year, and help you prepare.
How can you prepare? Put money aside ready, spend in certain areas to reduce taxes, and ensure all round that you are operating in the most tax efficient way!
Thank you – see you in the New Year!
Just once again, a MASSIVE thank you to all of the business owners who trusted their businesses in our hands, and are entering the new year with us too!
This year, we hope you can see that once you are a client of ours, we have your back, the whole way through.
We are here for you, and will continue to be. If you ever need something, or want more from us, just ask, we can help!
If we don’t speak to you before, have a wonderful Christmas, and a happy New Year (make it as best you can!)
