Improve Year-end Process and Plan for 2023
We’re well into the year’s final quarter, with 2023 just a month around the corner. But are you ready for the year-end? And have you done your homework when it comes to your 2023 business plan and beyond?
Let’s look at the key ways to tie up your year-end. Then start the new year with a clear strategy to drive your business forward.
Making your 2023 business journey that little bit easier
The past couple of years has not been easy for the average small business owner. Cash flow will have been tight, prices and costs have been steadily rising. Also, the marketplace is ever-more competitive as we move into 2023.
So, what can you do to make your life easier for the coming year? And what checks should you be making as we wrap up this final quarter of 2022:
- Is your bookkeeping up-to-date? – make sure you’ve entered all the expenses, costs, and receipts for this final Q4 period. And check that you’ve scanned all the documents and receipts needed to finalise the books and meet your compliance requirements. With everything uploaded and matched in your cloud accounting software, you’ll make wrapping up your period-end accounts much more effortless.
- Have you invoiced out for all the work completed in this quarter? – look through recent sales and projects to ensure that everything that should have been invoiced out has been billed. Work carried out in this period should be invoiced out in the same period so your accounts and cash flow all tally and reconcile neatly.
- Do you have any outstanding supplier bills or customer payments? – check your accounts payable to make sure you’ve paid all your supplier bills and that there are no outstanding debts to pay. Also, run an aged debtors report and see if any outstanding customer payments have yet to be received. If you haven’t already, set up automated chaser emails for late payments so you can start 2023 with the best possible credit control processes and accounts receivable performance.
- Have you set your key goals for 2023? – with your bookkeeping sorted, it’s time to look forward to the new year. What are your aims for 2023, and how do you plan to achieve them? Set your goals for the coming year and communicate these targets clearly to the whole business. When everyone is singing from the same hymn sheet, you make it easier to drive performance effectively.
- Do you have a business plan that’s ready to implement? – put your goals and targets for the year into a detailed business plan. Set timelines, agree on budgets, and ensure you’re tracking progress against these – so you can see how well the business is performing. With the latest cloud tools and planning apps, you can get some amazing insights into your business journey and your overall return on investment (ROI).
Talk to us about kickstarting your 2023 planning
If you haven’t put much thought into your planning for the new year, don’t worry. We can help you tidy up the loose ends, set out your strategy, and get everything into a workable plan.
2023 is likely to be a challenge for some sectors. But with your finances shipshape and a plan for the year ahead, you’re ready to make next year a success.