5 Most Important New Year Resolutions for Small and Medium Businesses

Finally, the year 2022 has come to an end. It goes without saying that the last year was a roller coaster ride especially for small and medium businesses due to the impact of inflation and Great Resignation. Now is the right time for focusing on new goals, opportunities, and possibilities. Also, you have to retrospect past experiences, continue good practices, and decide the road map of this year. Cheers to the New Year that has come with tons of excitement, anticipation, and of course resolutions. ‘Every year you make resolutions to change. This year let’s make resolutions that will create impact.’ Not sure what resolutions should be there on your list? Here’re are the five most important resolutions for your small and medium businesses that will help build a stronger and more prosperous business in 2023 and beyond.

5 Most Impactful New Year Resolutions for 2023

Delegate Accounting & Bookkeeping to Counter Burn Out

You wear several hats to excel your business. As a result, exhaustion and burnout come in heavy stacks. On top of that, you constantly juggle with day-to-day accounting and bookkeeping tasks.  Of course, accounting may not be your strong suit. That’s absolutely okay!  You need to stop doing everything yourself and just focus on what you are best at. Switch to outsourced accounting services and effectively manage tedious accounting and bookkeeping tasks without compromising accuracy and timelines. Also, you can scale up and down on-demand to balance a heavy workload, customer expectations, and work life without increasing operational cost and internal count.  According to Cogneesol, 80% small business owners are satisfied with outsourced accounting and bookkeeping services.

Effectively Manage Cash Flow

“Never take your eyes off the cash flow because it’s the lifeblood of the business” - Sir. Richard Branson

Two little words – Cash Flow keeps almost all small and medium business owners in flinch. 82% of small businesses fail due to cash flow problems – Source Score.  It’s mostly because SMBs don’t have enough time and resources to manage cash flow effectively. Your outsourced accounting partner helps you stay on top of cash flow, analyze large volume of invoices, and keep track on what’s pending and processed. Also, they generate and track cash reports, thereby giving you powerful insights on the areas that require cost cutting and where you are cost-efficient. You will have clear picture of business expenses, ensure efficient cash flow management, and keep up with changes or fluctuations to make informed decisions.

Focus More on Strategic Goals

It’s frustrating when repetitive manual tasks and peripheral rework swallow up most of your time.   An Auto Care Business owner for example designates 40% of his monthly average time for accounting and still misses the metrics, not realizing the fact that accurate accounting and bookkeeping can help you save up to 20% on inventory tracking alone.   Fortunately, there’s a solution.  Overcome your small business accounting woes with reliable outsourced accounting services. According to a survey conducted by a B2B rating and review company, 80% of small business owners want to outsource business functions in 2023 and 23% want to outsource their accounting process.  Your outsourced accounting partner handles accounting, bookkeeping, tax preparation, and other accounting needs. Thus, you can focus more on advancing your business and growth strategies rather than keeping your books clean and up-to-date.

Stay Up-to-date on Technology and Software

SMBs are not new to accounting challenges. Moreover, keeping up with constantly evolving technologies and accounting software involves considerate investment in infrastructure, onboarding and training staff, and maintenance. Do not hesitate. Your outsourced accounting partner takes care of these prerequisites.   Seamlessly handle accounting processes, get actionable insights, and gain peace of mind with outsourced small business accounting services. They provide the most up-to-date technology, proven processes, and talented staff to keep up with latest accounting software. 

Empower Your Business & Make it Future-Ready

The accounting process is intricate, which many small and medium business owners do not realize. Also, tracking and analyzing revenue, expenses, net profit & loss, and custom KPIs with a range of charts and reports are complicated and time-consuming. Fortunately, you can meet your requirements.  Transform your traditional accounting processes to predictive and proactive practices with outsourced accounting services. And you get access to exhaustive skill sets, latest technology, water tight processes, talented professionals, and powerful financial insights. Thus, you can empower your business and make it future-ready.  Now, you have made impactful new year resolutions. How about fulfilling all five at a time? Yes, you read that right.  Outsource small business accounting to PABS, thereby freeing your human and financial resources to refocus on business objectives and growth strategies. For the last 14 years, PABS has been providing unparalleled accounting and bookkeeping services to small and medium businesses.  “Always stay informed about the financial situation, growth prospects, and improvement areas with PABS.”