One of the most important things you need to do as a business owner is to regularly monitor your business performance and finances. However there is no point looking at out of date data. In addition we, along with many other accountancy firms, now price year end accounts and tax services (amongst others) based on the quality of data – so you may find your fees decrease if you can keep things tidy! Our 10 steps to getting your finances in order are listed below.
This article will outline the best things you can do to ensure your finances are in order and Xero is ‘clean’ and ready for reporting purposes. We are going to focus on Xero – those with spreadsheets and other systems can still go through some of the same points.
Following these 10 steps will ensure your books are in good condition and means that the reports you run will be accurate. There are other steps to take but they can get a bit technical, and would be best dealt with on a business finance or bookkeeping course. There are plenty of courses out there, but our regulatory body, AAT, have recently released a Business Finance Basics course. You can find out more here and of course, if you would like to free up your time to focus on the business, get in touch Â to see how our bookkeeping services can help you.