5 tips to get 2024 off to a great start

Get 2024 Off to a Great Start

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Those quiet days at the beginning of the year can be a great opportunity to do a bit of administrative housekeeping. It might seem boring but you’ll thank yourself when you’re doing your tax return next year! Here are five suggestions to get started:

  • Run an eye over your 2023 purchases to check everything is recorded and correctly coded. Now is the time to chase any missing documentation, fix errors and get everything ship shape for your accountant.
  • Review what you spent in 2023 and use this information to help you budget more accurately for 2024.
  • Check what you are owed and work out where you need to follow up on late payments. If you hate chasing customers, consider letting our credit control team do the chasing for you.
  • Look for opportunities to streamline processes. Consider outsourcing non-core functions like payroll and accounts if this could free up staff time for higher value activities.
  • Evaluate the information that you get from your existing systems. Is it helping you to manage your business or is it taking up too much time and just generating administrative headaches? Many GroForth clients say their profitability improves when we prepare monthly management reports and data analytics for them. If you’re not already availing of this service, contact us for details.

We always say that the time you invest in reviewing your business is never wasted. Indeed, it often highlights opportunities to save money and improve profitability. If you are interested in finding out more, drop us an email and we’ll be happy to explain how our team can help you streamline administration and boost efficiency in 2024.

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