We explore five financial resolutions you should make for your small business in 2023.
January is a good time to take a step back and make plans for the financial success of your business.
Whether you are self-employed or run a small company, these five resolutions will help your business survive and thrive in 2023.
Focus on resilience
Resilience will be a huge factor for many limited companies in 2023.
With most companies still feeling the effects of Covid and the cost of living crisis, it’s no exaggeration to say that plenty of companies will be fighting for survival this year.
The best way to cope with financial uncertainty is to speak to your accountant about building resilience into your company’s finances.
Keep up with Making Tax Digital
Making Tax Digital is a government initiative to make the UK tax system digital.
Eventually, all businesses and self-employed people will need to keep digital tax records and make digital tax submissions.
The first phase – Making Tax Digital for VAT – rolled out in April 2022. It requires all VAT-registered businesses to use cloud accountancy software like Xero and FreeAgent.
For self-employed business owners and landlords, Making Tax Digital for Income Tax was due to take effect in April 2024, but this has been pushed back to April 2026.
Get on top of receipts and expenses
Keeping track of receipts and expenses is one of the most important financial admin tasks.
Whether you’re a freelancer or a company director in charge of a number of employees, cloud accountancy software like Xero and FreeAgent is the easy way to get on top of your outgoings.
It can also help you keep track of invoices and other transactions, freeing you up to concentrate on other areas of the business.
Catch up with your accountant
The more your accountant knows about your business, the more they can help out with your finances.
It’s crucial you have a good relationship with your accountant and that you speak regularly on the phone or face to face.
A good accountant can help you understand all the moving parts of your finances. They will also help you make decisions to boost profits and drive growth.
Look after yourself
Looking after small business finances can be incredibly draining, especially when times are tough.
That’s why you need to prioritise your wellbeing for the good of your company.
Simple things like eating and sleeping well, exercising and trying to maintain a healthy work/life balance can help your business succeed.
If you’d like to discuss your financial goals and challenges for 2023, get in touch here or call: 0808 281 0303.