I cannot believe we already are past mid-year. It seems 2022 has snuck right past us, except for the gas prices, we definitely noticed them. This is a good time for us accounting firms to assess our operations and ensure we are on track to meet our goals for the year as we move into the second half.
Here are some tips to help you stay on top of your game:
1. Review your business goals and objectives
We all tend to pivot a lot with whatever might be on fire at the moment, which means it is easier for us to lose sight of our business goals and what we have been working toward.
Now is a great time to ensure your accounting and tax strategies are aligned with your overall business goals and make any adjustments necessary to ensure you are back on track come December.
Additionally, this will help you make more informed decisions about the best use of your resources.
2. Stay up to date on changes in the tax code
The Tax Cuts and Jobs Act made significant changes to the tax code since provisions expired rather than being extended this year, so it's essential to be aware of how these changes may impact your business.
In addition, the proposed Build Back Better Act is on the horizon.
3. Stay organized
This is critical for any business, but especially for accounting firms. Ensure you have a sound system for tracking client data, invoices and other vital documents.
4. Review your internal controls
Ensure your accounting procedures are efficient and effective and that you have adequate controls to prevent fraud and errors.
5. Utilize technology
There are many excellent accounting software programs available that can save you time and money. Invest in a good quality program that will meet your specific needs.
By following these tips, you can be sure your accounting firm will be prepared for anything that comes up during the year. Stay organized, review your internal controls, and utilize technology, and you will be on your way to a successful year.
Liz Scott is a multi-business entrepreneur working to bring together technology and accountants through her business, Liz Scott Consulting. A member of Intuit Trainer/Writer Network, she authored and taught Master level courses, including Advisory Guides and Consulting Tools for Accountants. In addition to Liz Scott Consulting, she also owns Accounting Lifeline, a firm to serve small businesses with their financial needs. Liz is a co-host of the "Appy Hour," which helps other accountants learn about the different tools and apps for small business needs. Holding a high passion for real estate investment, she owns properties throughout Oklahoma.
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