Spring Cleaning for Your Business

We’ve made it past the worst of the cold weather and the random snowy days, and now we’re headed into glorious springtime where an abundance of blooms, long sunny days, and terrible potholes on 440 await us. Springtime has always been a time of renewal, hope, and a fresh start. It’s a time when our motivation increases, and we start working on our lawns, tidying the house, and cleaning out the things we let pile up during the winter.

As we spring clean in our homes, the same should go for our businesses! It is the perfect time of the year to revamp the goals we made for 2018, as well as clean up some of the things we let slide during Q1. Read below for four pieces of advice for spring-cleaning your business’s finances this year!

 

Prep for Tax Day

If you haven’t closed year-end yet, you better get going as tax day is approaching.  Your books will need to be closed and the bank recs performed so you can get all the information to your CPA to file the taxes. This date can sneak up on some of us, so be sure to tackle this now before getting stuck doing it last minute.

Revisit Your Budget

April is typically that time where most budgets for the year get revisited.  You’re officially thru Q1– how aligned is that initial budget still against the current business realities 90 days in?  Is it time to toss the budget aside and prepare a revised forecast for the year? Now is a great time to revisit this and plan ahead for the rest of the year based on the current realities.

Get Rid of Your Clutter

Sometimes we can get inundated with data, and we end up dealing with so much of it that we no longer understand what’s relevant and what’s not. Therefore, any relevant decision-making based on this data gets lost in the weeds.  Simplify and streamline your approach to capturing the right data that you in turn can make meaningful business decisions.

Trim Back

Review your expenses! Take a look at your year-to-date annual spend and your vendor summary report.  Determine what expenses are getting lost in the shuffle that you could quickly trim back on to save money throughout the rest of the year.

 

These business “spring cleaning” tips should help guide you in Q2 to make the best decisions moving forward in 2018. If you’d like more insights for your business and to best spring clean your finances, please reach out to us for more information on how we can help!

 

We are a team of  CPAs, CFOs, and Investments Bankers helping our clients build their growth stories. We believe better financials empower better decisions. From outsourced bookkeeping to CFO services, our holistic platform delivers the financial insight to help our clients  grow their businesses.  If you want to learn more about Inflammo, our services, or simply say “hello”, please contact us at hello@inflammo.co. Together, let’s do something remarkable. 

 

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