January 2018 – a time for reflection and focus

Happy New Year! Wow 2017 seemed to go by quickly! How was your year? The start of the year is the best time to reflect on the last 12 months (both highs and lows) in your business and focus on what improvements and changes you will implement in 2018.

With 25 days to go (at the time of writing this blog) until self assessments are due in to HMRC for 2016.17, we are in full tax return work here at KFH Accounting. We’ve also got a new member of staff, Tina Eggleton, who is doing three days with us and will be assisting with a variety of bookkeeping and administrative tasks while she is studying her Level 4, AAT.

For our firm, our goal planning for the coming year starts in February. As we highlighted six months ago, we will be launching our advisory services at the end of February which is very exciting! The results really are amazing – too often business owners excel at working ‘in’ our business but in order to grow, it is important to take the time to work ‘on’ your business to and make sure you are heading in the direction you want to go in.

Many people are surprised that our advisory services go beyond the numbers. Because at the end of the day, your financials are one key component of planning to grow your business but in order to decide what assumptions to use in your forecast, you need to look deeper into what is driving your sales and costs in the first place.

One of the first questions we ask in our discovery sessions, is about business plans. It never ceases to surprise me how few businesses start a business without having prepared a business plan. It really does make a difference and doesn’t have to be fifty pages long! If you have a clear idea of what you want to achieve in your business from the start of each year (ie more money for you personally, funding plans for the business, more cashflow so you can start paying back some of what you put into the business at the start etc) then you can start to form realistic and timely action points, monitored over time, to achieve these goals. There is no point having a goal of generating more sales and leaving it as that. We help you to break down this general goal into how more sales can be achieved, what is the cost impact of increased sales, what other factors may influence achieving your goal etc. Think of us as your business financial coach!

As the memories of the Christmas break start to fade, now is a good time to think about your business plans. What do you want to achieve in your business this year? Is it perhaps moving your business reporting and financials to a cloud accounting package? I can’t recommend this one enough on the goal list as it really does help you save time, avoid errors and know where your business is tracking. With the deadline for Making Tax Digital only a couple of years away now, it is so important to prioritise this task. We offer a complete spreadsheet to cloud accounting transition service for you including training, so please give us a call if you’d like us to help you with this.

We also have our Beginners Quickbooks Online Training set for the 8th of March 2018 (to be held in Southend) so look out for more details on this coming soon.

Wishing everyone a wonderful year ahead.