- Posted by Vanessa Simington
- On June 5, 2017
Procrastination is part of human nature, it’s amazing how mundane things like housework become super important when you have a project on the go or deadline that should be tackled. My house and garden always gain more attention when I am putting something off. As small business owners one of your new year’s resolutions may have been to convert to a new accounting software in the new financial year.
Falling behind on new year’s financial resolutions
You may have decided to convert to new accounting software due to advice from your Accountant, Bookkeeper or Banking Consultant. They may have encouraged you to implement inventory or job management software so you will know your numbers. Switching to Xero could ensure that guessing is eliminated and that you can easily implement a budget, a cash flow forecast and a plan to reduce the overdraft. You might even have time to fit in a holiday!
So we’ve reached the new 2017/2018 financial year. If you’re invariably a bit behind on your new year’s resolutions, I’m here to assure you that you haven’t missed the boat. Here at Xero we have an Advisor Directory full of expert partners who can help you realise your new financial year resolutions.
If you don’t want to make a change to your current systems immediately that’s fine. However we recommend taking that first important step of reaching out to our specialists who can help you with your business requirements.
The other good news is that Xero bank transactions can be backdated to 1 April 2017, so you won’t need to worry straight away about March 2017 final accounts. These can be updated once your financials are finalised.
The line in the sand
When implementing new software and process we need a line in the sand:
- Stock take for stock on hand
- Open sales invoices
- Open purchase bills
Perfect time to do the company housework
After being in business for years it is common to grow the chart of accounts and end up with legacy codes as well as many contacts. Implementing new software and systems is a great time to have a clean up.
Things to consider when planning the new you for the new year
- What are your current pain points ?
- How you you think you can improve things if you had a magic wand?
- Who do you have in your trusted circle of staff and advisors ?
- What do you want to know about your business ?
- Do you need financing to achieve this ?
- Would you consider contracting some training expertise to help yourself and your staff ?
- Have you a succession plan in place for example selling the business or going away on a holiday ?
Author – Melanie Morris Head Of Bookkeeping NZ