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At the start of a new year, many of us come up with a list of resolutions for the next 365 days. We pledge to work out more, eat better or even take that once-in-a-lifetime trip we’ve been planning for forever.

However, we seem to forget that there is another chance within the year to set some important goals. Just like January 1st, the start of the new financial year is the perfect opportunity to get your finances in check.

You are given a brand new slate to re-evaluate and reset for the year ahead. The previous year has passed and you can now working on being less stressed and better prepared for tax time next year.

Here are some tips on how you can do that:

KEEP IT SEPARATE

They say not to mix business with pleasure, and we promise you that this applies to your finances as well. It is extremely important to keep your business expenses and your personal accounts separate. Your financial life will be much more complicated if you mix the two and there is a definite chance that you will raise a red flag with the tax man come the end of the year. Take on the tip and 2017 will be a breeze because you’ll be easily able to identify business related payments.

MAKE AUTOMATION YOUR BEST FRIEND

Nothing is more draining and time consuming that sorting out your financial documents. This is why it is integral that you make automation your best friend. There is plenty of good accounting software out there that will capture your data and store it appropriately. It might take a minute to set up, but you will save yourself so much hassle when tax time rolls around. Instead of focusing on organising, you can put your time into improving your business.

MAKE TIME TO SAVE TIME

Since you have this magical software, you may as well put it to good use. Everyone loves to procrastinate but putting off daily or weekly tasks never works out well in the long run. Doing regular checkups on your business is super important and will help you to thrive. Checking your software often, means you can see patterns in customer spending or sudden rises in costs? Being in the know is vital to your success, because you get to preempt issues before they even arise.

Our experts here at The A Firm want to help get your business performing at its best. We are always here to offer you our knowledge and advice. However, by taking these little steps throughout the year to improve your business, we will be able to provide you with an even better service.

 

Reference: Xero Australia

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