Your Quick Business Year In Review Checklist
How many of these best accounting practices can you tick off?
Use U-Nique Accounting’s Year in Review Checklist to see how things are progressing in your business and which areas to improve in 2022.
1. Outsource Your Pain Points
Where do you spend the most time in your business? What is the most painful? Successful business owners outsource or automate any processes or tasks that waste valuable time.
2. Connect Your POS System
How efficient is your POS system? Is it disconnected across stores? Integrate your POS system to improve your customer and back-end experiences.
3. Use ACH Payments for Vendors & Customers
Do you waste time tracing manual checks to vendors? Wondering if it got there? Transition to ACH payments and never think about your vendor payments again.
With ACH payments, you’ll pay only 15 cents per transaction (rather than a 2% transaction fee with your credit card) and avoid waiting for a check in the mail.
4. Filter Invoices
Do you know when customers are avoiding payment? Use an advanced accounting system like Xero that lets you filter which customers have opened their invoices, viewed their invoices, and which customers are overdue. Send automated reminders to those who haven’t paid.
5. Consolidate All Sales Activity
Are your e-commerce sales sitting across various platforms? Use software like Dext Commerce to see all of your e-commerce activity in one place.
6. Prepare for Inflation
Have you worked with your accountant to forecast various scenarios and put contingencies in place for inflation? Wink, wink – you can read our latest guide.
7. Forecast Your Cash Flow
Do you know what your cash flow levels are? Are you forecasting your cash flow every few weeks? We recommend using real-time forecasting software like Float – it’s what we use with all of our clients.
8. Track Labor Productivity
Do you know your target labor productivity ratio? Calculate your labor productivity (administration and direct labor costs compared to sales) and track it regularly. Seek out an experienced accountant for help.
9. Stop Manual Inputs
Are you still manually recording things in your software? This year, make sure every software platform talks to the other to automate all of your processes.
Need Help Improving Your Business Processes?
We’re here to help!
At U-Nique Accounting, we specialize in simplifying and automating general business & accounting processes so you can spend more time doing what you do best – running your business. From cash flow monitoring to enterprise value improvement and exit planning, we advise on everything you need to put your business in better financial position.
Book your 15-minute call to learn more about the services we offer and how we work to support your company’s financial health.
