7 Resolutions for Your Small Business in 2024 

The beginning of a new year is the ideal time to set resolutions for the months ahead. When you’re a small business owner, it’s really important to set goals for your business, so that it can continue to be successful and grow in the face of any challenges that come its way. From evaluating and assessing your cash flow to revisiting your business plan, there are many different things you can do to ensure the health and success of your small business in 2024. Seeking professional advice and incorporating innovative strategies can contribute to your business objectives. Read on for 7 resolutions that will ensure your business starts and finishes the year on the right foot. 

1. Develop or Review Your Cash Flow Forecast

A cashflow forecast is a vital financial tool for small business owners, revealing incoming and outgoing funds. Assess whether your business can support growth or if action is needed to address cash flow gaps. If you have one, ensure it’s accurate and up-to-date, and consider seeking assistance from an accountant at Bond & Co.

2. Reevaluate Your Business Plan

Now is an opportune moment to revisit your business plan. Given the challenges of the current cost of living crisis, adjustments may be necessary, such as cost reduction or exploring new markets. Scrutinise all aspects of your business plan, including cash flow and sales forecasts, operations, and marketing strategies. Ensure your plan is accurate, up-to-date, and realistic.

3. Resolve Outstanding Tax Debt

The Tax Debt Warehousing Scheme, introduced during the COVID-19 pandemic, requires businesses with warehoused debt to address it with Revenue by May 1, 2024. Engage with Revenue early to establish phased payment arrangements and avoid enforcement action. Taking proactive steps to settle outstanding tax obligations can reduce financial stress and contribute to the overall stability of your business.

4. Complete Your Tax Return Early

Although the self-assessment tax return deadline is in the autumn, filing early avoids errors and ensures you receive entitled tax reliefs. It enhances cash flow planning and helps you avoid late filing penalties. Even if you file early, payment isn’t due until October. Early completion allows you to address any unexpected challenges that may arise and provides peace of mind well ahead of the deadline.

5. Minimise Your Tax Liability

Explore various tax planning actions to save on taxes, such as employing your spouse, claiming research and development tax credits, and deducting household expenses for home-based businesses. Consult a professional accountant to navigate complex tax legislation. Seeking tax-saving opportunities can impact your overall tax liability, ensuring that you only pay what is necessary and maximising your resources for business growth.

6. Automate Your Accounting Processes

Consider adopting digital technology for accounting to boost productivity and minimise time spent on administrative tasks. Digital tools allow you to manage your business finances efficiently from any location and device. Streamlining your accounting processes through automation not only saves time but also reduces the risk of manual errors, ensuring greater accuracy in your financial records.

7. Evaluate Your Accountant Relationship

If you’re content with your current accountant, great. However, if you face challenges like difficulty in communication, outdated systems, or outgrowing your accountant’s capacity, it might be time to switch. Outsourcing tasks to accommodate business growth is also worth considering. Switching accountants is usually a straightforward process and can be initiated with a free initial consultation with the Bond & Co team.

Searching for Small Business Accountants in Dublin?

At Bond & Co, we specialise in providing professional and friendly services tailored for small to medium-sized businesses. Our team of highly trained and experienced accountants in Dublin is dedicated to delivering a straightforward, smooth, and efficient service, relieving the stress associated with accountancy.

We offer a range of accountancy services catering to both sole traders and limited companies. These services encompass audits, RCT returns, VAT returns, payroll, bookkeeping, and general accountancy services. Additionally, we provide assistance with tax returns, tax advice, landlord accounts, limited company set-up, tax registration for sole traders, and support with Revenue audits and aspect queries.

Our accountancy services are fully adaptable to meet the needs of companies relocating to Ireland post-Brexit. We ensure compliance with Irish tax laws, and our team of expert tax accountants strives to simplify the process of setting up as a sole trader or a listed company, making it as simple and pain-free as possible.

If you have any inquiries or would like to discuss our business accountancy services, please don’t hesitate to contact us today at 01 8409173.