Staying Financially Fit: Financial Tips to Kick Off 2024

Diets and fads come and go! The pandemic has put the spotlight on our financial wellness like never before. It has made people pause and pay more attention to what they spend their money on and how they put it back into their businesses. If you want to track revenue, build a tax strategy, or financially and strategically grow your business, there’s little doubt that you’ve looked at how you can do that through a balanced financial diet.

Managing larger issues like tax burdens and staying tax compliant might also have you reaching for financial tips to implement, that’s where our team of experts comes to the rescue! After all, what goes into your business can really make or break you. Here are a few tips from leaders at CFO Services Group on steps to take, as we head into 2024, so you can be sure that you and your business are set up for financial success.

A smart business owner can predict what their cash balance will be 3, 6, or even 12 months down the road. This helps them to take proactive action if the projected cash doesn’t look so good. So… Build and regularly update your cash projection, monitor your anticipated cash balances, and solve any anticipated problems you see before they become actual problems.

Review your financials in December to reduce your tax burden come April. Prepay any bills possible. Buy new equipment that you’ve been putting off. Review your outstanding receivables and write off any bad debt. Meet with your accounting team for a year-end review before the year ends.

Running a small business can be complicated. However, success boils down to three simple variables. The amount of cash that leaves the business. The amount of time that passes. The amount of cash that comes back into the business.”

Understand your budget and fund your programs accordingly. Know the “why” behind all your transactions and make sure they fit into your company’s purpose.

If you pay your bills via autopay, check your statements for incorrect charges.  Take a closer look at what you’re spending to see if it’s really a necessity or if it can be cut out.

Remember it’s never too late to turn over a new leaf, and a new year is the perfect time for a fresh start. As always, our team of experts is here to help you prepare for 2024! Schedule a free consultation today and see what programs and services may help you meet your business goals!

by Roo Accounting LLC.