09 Apr Looking to update your business strategy for the new financial year? The key could be in your bookkeeping…
April is a time for many businesses to start planning for the future – and they could begin by taking a look at their bookkeeping.
With up-to-date books giving you useful, real-time information about sales, costs, and profits, getting to grips with your numbers is vital before you change your strategy.
So if you’re looking for a little inspiration, what can your bookkeeping tell you?
How can bookkeeping services help me create my business strategy?
Here’s what having updated books could do for your business. They will help you to…
Find your best clients and get more just like them.
Who are the clients who pay you the most? What do they have in common?
They may all be in the same industry, the same area, or they may all have the same problem you solve.
Look at your sales figures and draw up a list of your golden clients.
So, now you know who they are, and where they are, why not go out and get some more?
Knowing your numbers is essential if you are to target your lead generation and sales operations effectively.
You could also do this with your most profitable goods or services. Where do you make the most profit? Can you do more of the same?
Ditch products or services which are underperforming
Sometimes, you have to let things go to move on and focus on what’s working for your business.
If products or services are not profitable enough, or they cost you too much in time and hassle in comparison with better-performing areas of the business, having your up-to-date books in front of you will give you the data you need to make that tough decision.
Ensure you’re letting the taxman know about all your costs
That unseemly rush before the end of the year to get your books up to date can lead to things being missed. Expenses may be forgotten, costs may be left out.
Make sure you’re paying the right amount of corporation tax by keeping your books in good order throughout the year. From this month, this has to be the case for Making Tax Digital for VAT-registered businesses, anyway.
If your business isn’t VAT registered, it’s still worth being on top of your costs.
This lets you take a look at different costs and negotiate them down by looking for better deals.
Always have information on hand for potential investors
If you’re looking to grow and take on investors, they will need to see your books and have as much information as possible. Having professional bookkeeping means your books are in good order whenever they need to see them.
Why choose Balanced Up Bookkeeping to keep your records up to date?
- We help you manage your cashflow, supplier bills, invoices, bank reconciliation, and profit and loss accounts
- We are experienced at using online systems and have a client base of more 250 happy customers
- We use compatible and HMRC-approved accounting software
- We keep you in the loop at every stage, ensuring excellent communication
Do you need advice on bookkeeping services for your business? Call us on 01633 439 002 or contact us here.