It would obviously be something of an understatement to suggest that 2020 presented considerable challenges for businesses of every size, sector and location.
So, we won’t dwell on whether the past 12 months saw your own business go from strength to strength, or instead almost hit rock-bottom – or indeed, whether you are only just looking to go into business. Instead, we thought we’d look at some of the surprisingly straightforward measures that could help you excel in the New Year.
Seek professional support with your accounting
You may expect us to make a reference to professional accountancy given that we provide accountancy across Wellington, Plymouth and Devon. However, we also can’t impress upon you enough the importance of keeping on top of your business accounts.
The lessons the last year has taught us about unpredictability, and the agility needed to respond to that unpredictability, should underline to you how key it is to get the trading basics right.
So, don’t hesitate to reach out to a professional accountant to relieve some of the burden that accounting may currently represent for your business – and to ensure you submit accurate and timely HMRC returns.
Take another look at your business plan and cash flow forecasts
A well-sorted business plan is imperative for any business – new or old – looking to protect its assets and achieve sustained profitability. A lot has changed about the world around us in just a few months. So, now could be a good moment to look back over your business plan, consider its underlying assumptions, and make any necessary changes to help maintain healthy cash flow.
If you do conclude from this process that your business could do with a further injection of finance, it’s worth bearing in mind that the government’s COVID-19 business loan schemes – including the Bounce Back Loan Scheme – were recently extended until the end of March.
Give serious thought to cloud accounting
In the era of remote and ‘hybrid’ working that the coronavirus crisis has pushed us into, ‘the cloud’ has made itself firmly felt. Having vital online tools available to your business and its entire workforce from basically anywhere with an Internet connection is, you are likely to appreciate already, great for efficiency, productivity and collaboration.
And much the same can be said for cloud accounting. Online accounting platforms such as QuickBooks and Xero – as we are experts in here at TS Partners – have enabled all manner of businesses to keep abreast of their finances, including key tasks like invoicing and payment reconciliation.
Bear in mind that cloud accounting software isn’t just a less stressful solution for your business – it will also give your accountant fewer headaches, as it will be an easy process for them to log in and access any information needed for official government returns.
Not only that, but here at TS Partners, we routinely train our clients in how to use QuickBooks online, linked to the simple and effective ReceiptBank app that allows businesses to do away with paper receipts. It’s just one more way in which we don’t merely work alongside our clients, but actually empower them to take full and effortless control over their own accounting.
Whether you are running a new, small or larger business, and whatever your industry, you are welcome to reach out to us for further information about our accountancy in Wellington, Plymouth and Devon. Indeed, giving us a call today could be a key step to establishing the right foundations for your business’s success in 2021.
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