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New Year, New Financial Habits: How to Start the Year on the Right Foot

Writer's picture: Beyond BasicsBeyond Basics

As we step into a new year, it’s the perfect time to take control of your business finances. Good financial habits can make or break a business, and starting strong in January can set you up for success for the rest of the year. Whether you’re a small business owner, entrepreneur, or non-profit leader, here are some key financial habits to adopt this year.


1. Review Last Year’s Financial Performance

Before setting goals for the new year, take a moment to review your financials from last year. Ask yourself:

  • Did I meet my revenue and profit goals?

  • Were my expenses within budget?

  • Were there any unexpected financial challenges?

Analyzing past performance helps you identify trends, spot areas for improvement, and plan ahead.


2. Set Clear Financial Goals

Having clear financial goals keeps you focused and motivated. Some goals to consider:

- Increase revenue by X%

- Reduce business expenses by streamlining operations

- Set aside a specific amount for tax payments and emergency funds

Make your goals SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) to increase the likelihood of achieving them.


3. Organize Your Financial Records

If bookkeeping was a struggle last year, now is the time to get organized. Make sure all transactions are properly recorded, receipts are stored, and bank statements are reconciled. Investing in cloud-based bookkeeping solutions can save you time and keep your records accurate.


4. Automate & Streamline Processes

Automation is your best friend when it comes to bookkeeping and financial management. Consider automating:

  • Invoice generation and payments to avoid delays

  • Payroll processing to ensure timely employee payments

  • Expense tracking to monitor spending effortlessly

At Beyond Basics Office Management, we offer bookkeeping services that help you automate and simplify your financial processes.


5. Prepare for Tax Season Early

The earlier you start preparing for tax season, the less stressful it will be. Some steps to take now:1. Gather all necessary tax documents (T4s, receipts, income statements)2. Review your eligible deductions and credits3. Work with a professional to ensure accuracy and maximize savings

Our income tax services cover everything from simple T4 filings to more complex tax situations, ensuring you stay compliant while optimizing your return.


6. Schedule Regular Financial Check-Ins

Don’t wait until the end of the year to review your finances! Schedule monthly or quarterly financial check-ins to monitor cash flow, identify any financial red flags early and adjust your strategy as needed.

Regular check-ins allow you to stay in control and make informed financial decisions.


Start the Year Strong with Expert Support!

Managing finances can be overwhelming, but you don’t have to do it alone. At Beyond Basics Office Management, we’re more than just bookkeepers—we’re your dedicated financial partner. From bookkeeping and payroll to tax preparation and non-profit financial management, we help you stay on track so you can focus on growing your business.

Ready to build better financial habits this year? Contact us today!


📞 780-830-1134

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