14 Top Tips For 2014

14 Top Tips For 2014

To ensure your year gets off to a great start we have compiled a list of our top 14 tips for 2014! Want to add to the list? Let us know what top tip you would like to share that has helped you so far in 2014!! We’d love to hear from you.

1. Use Xero & Put The Pleasure Back Into Business.

We bang on about Xero all the time but we cannot stress enough just how essential Xero can potentially be to your company. There is a lot of online software that are all designed to make your job and life easier. We know you don’t have time to sign up to them all, sample them and choose one that suits your business. We have done the research for you and guess what? You won’t find anything better than Xero! A&C are currently offering you the chance to get all your data transferred from Sage to Xero for FREE, with no fuss, no interference and no problems.

Interested? For more information or to book in with us:

Tel: 0161 962 1855 or Email: chloe@ac-accounts.co.uk

2. Shop Around.

Take the time to review your company’s current financial situation. Have a cheeky shop around to make sure you are getting the best deal.

3. Punctuality Is Essential When It Comes To Paying Your Tax.

Did you know that in 2013 alone, 850,000 taxpayers where fined £100 for late tax returns? Pay on time! It sounds simple, we know, but not paying by the due date could result in a late payment penalty. And no one wants to start the year off with a fine!

4. Reconcile Regularly. IF You Fail To Prepare, You Are Preparing To Fail.

It doesn’t need to be every day, but if you can set aside ten minutes each week to quickly go through your transactions while they are fresh in your head, you’ll be thanking yourself in the future. Cash is the most vulnerable asset of an entity. Control and protect the valuable resource through uncovering irregularities.

5. Establish A Budget.

Before the year gets ahead of you, take some time to draw up a budget for your business. Whether you’re launching your first business or have years of experience as an entrepreneur, the importance of having a budget cannot be overstated.

6. Always Seek Advice.  A good decision is based on knowledge.

Making any big decisions this year? We recommend seeking advice first.  Surround yourself with good advisors, and a great network. Don’t be afraid to ask to ask lots of questions, and be willing to pay for good advice.

7. Stay On Top Of Your Debtor Management

Staying on top of your debt collection is absolutely vital. Don’t confuse the net profit on your financial statements with the health of your business, it’s the access to cash, sometimes just in your bank account that dictates how financially healthy your business is.

8. Keep Your Business & Personal Finances Separate

Business owners intertwine business and personal finances all too often. After all, you are your business, but muddling up the two will mean a mess at tax time, and will save you time when reconciling.  Treat your business, big or small, like a viable entity

9. Befriend The Trend- Technology

Keeping ahead of your competition is vital. We live in such a technological world we must ensure that we are not only aware on new trends or tech, but that we utilise them. A smart phone, tablet or laptop is pretty cheap these days – and for the time, money, and stress it will save you, it’ll be your best investment of 2014.

10. Get Networking!

Find out about local networking opportunities in and around your area. You will not only be surprised at how many events are out there but also how many FREE events there are. Eventbrite is a great source to fish out certain events that suit the benefits of your business. You could even look into joining or starting a networking group, it only takes as long as one cup of coffee to build up long working relationships or even better REFERRALS!!!

11. Arriving At One Goal Is The Starting Point To Another.

Goal setting is a simple yet effective strategy for a success. Make sure you set short, medium and long-term goals to last you throughout the year. This will keep you on target and focused.

12. Is Your Risk Adequately Covered?

It’s simple. Make sure all risks associated with your business are covered.

13. Review Your Processes, Save Time

Are you using your systems to their best ability? Are you using any systems at all? Take the time to review your current processes and systems, you won’t regret it.

14. Make Time For Yourself

We’ve left the best until last! Do not feel that taking dedicated ‘me’ time is selfish or unproductive. Do something that gets you out of your daily routine. We know you’re busy, but spending time on your hobbies will benefit your business as you’ll come back to work with a fresh mind and a happy heart.