This Valentine’s Day, we’re encouraging you to spread the love! But this year, share some of that TLC with the part of your business many business owners often neglect – your accounting system. To help you out, our team at SUM Innovation has come up with ten heartfelt ways to love your numbers:
- Move to the cloud. Whether it’s QBO or Xero, moving your accounting online means you can stay connected to your data – and your accounting consultants – in real time – from wherever you are and need to be for your business.
- Map out your strategic plan. Your numbers can help you get to where you want to go – as long as you know where that is. Taking a moment to chart your path in numbers can help to prevent those unfortunate circumstances.
- Create a budget. This helps with cash flow, allows you to easily communicate your goals and your progress, and empowers you to quickly adapt to change and new opportunities come about. PRO TIP: Upload your budget into your cloud-based accounting system and track your progress simply by running a few reports!
- Adhere to deadlines. Mark your calendars in advance to ensure that you don’t have to pay any unnecessary penalties for late tax filing. Check out this list of important deadlines and make sure you walk through them with your accounting team too! #NoExcuses
- Do or Delegate. Accurate bookkeeping is not optional. A good set of books enables you to make smart business decisions as you grow. If you cannot take the time to do it yourself, you MUST delegate to someone else.
- Get rid of your paper receipts. Use Expensify. Just snap a photo, no Scotch tape or hand-written notes required. Plus, you’re one step closer to automation! #ZeroDataEntry
- Explore new technology. Whether it’s integrating your cloud accounting software with your CRM, or going completely paperless, start those conversations with your accounting consultants today!
- Move beyond compliance. Think management accounting. It’s about the bigger picture and accomplishing your goals. Managerial accounting is aimed at helping organizations understand metrics and ultimately helps to make decisions.
- Form a finance committee. You don’t have to be a nonprofit to do that. All you need is some smart numbers people to be a second set of eyes on your business and help you chart the path.
- Analyze. Now that you know where your business is going, take a moment to see how you’re business is doing. Not sure how? Business planning software like LivePlan, Futurli, or Qvinci can help. Or, use an outsourced CFO.
Remember, this is not just about accounting! From measuring the return on your marketing budget to developing an impactful compensation strategy, numbers touch all parts of your business. So, take a moment to love your numbers and gain the peace of mind you need to grow your business.
Struggling with your love/hate relationship to numbers? No fear! We can help you. Give us a call at 212-242-6010 and let us guide you in this process.