At CFO Your Way, we wish all our clients and colleagues a strong plan going into 2024!

 

 

 

 

 

 

 

 

With a new year unfolding, now is the perfect time to be proactive about areas of your financial operation for which you could have been better prepared. Here are a few relatively easy ways to improve your company’s bookkeeping and your operational efficiency.

  • Implement accounting software – Deploy this now, so that your business bookkeeping is done correctly from the start of the year. When data is entered correctly and on a timely basis, you always have visibility into your income and expenses, and can easily create financial forecasts, pull balance sheets, compare your budget vs. actual numbers, and more.
  • Automate bill paying – For regular monthly expenses (such as rent, insurance or utilities), consider auto debits from your business checking account so you never miss a payment (and stay on good terms with your vendors). Still writing checks? Online bill paying in general saves you time you could use for more beneficial activities like business development, marketing, and employee training.
  • Collections procedure – Have a process (and accounting software) in place that provides aging invoice alerts so you can reach out with appropriate letters or phone calls. Demonstrate that you value your relationship by making it easy for customers to work with you, with flexible payment plans or other accommodations.

Getting your records in order now is the first step to determining a direction for your business. If you need help reviewing your financials and devising a long-term plan for your operation’s sustainability and profitability, we can help. Contact CFO Your Way about our on-demand support services: cheryl@cfoyourway.com or (973) 897-0650.