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New Year financial checklist for business owners

December 21, 2023 | by ProviderCFO

As we bid farewell to the old year and welcome the new, it’s important for business owners to take a moment and reassess their company’s financial health. The New Year is a great opportunity to review your business finances, make necessary adjustments, and set goals for the coming year. Here is a financial checklist to keep your business on track in the New Year:

1. Review Your Financial Statements: Begin by evaluating your balance sheet, income statement, and cash flow statement. These documents provide a comprehensive view of your business’s financial health. Looking at these statements can help you identify trends, both positive and negative, and forecast future financial performance.

2. Analyze Your Revenue and Expenses: Take a closer look at your income and expenditures over the past year. Were there any unexpected costs? Did you meet your revenue goals? Understanding where your money came from and where it went will help you make informed decisions for the future.

3. Evaluate Your Debt Situation: Debt can be a useful tool for growth if managed correctly. However, excessive or mismanaged debt can become a burden. It’s crucial to review your outstanding debts, interest rates, and repayment schedules.

4. Check Your Cash Flow: A positive cash flow is a sign of a healthy business. If your cash flow was negative last year, identify the reasons and take measures to improve it.

5. Update Your Budget: Based on your review of the previous year’s financials, update your budget for the New Year. This is an important step towards keeping your business financially healthy and ensuring you have enough resources to meet your business objectives.

6. Set New Financial Goals: Based on your financial analysis, set new goals for the New Year. These may include revenue targets, cost-reduction strategies, or investment plans. Remember to make these goals SMART – Specific, Measurable, Achievable, Relevant, and Time-bound.

7. Review Your Insurance Coverage: Business risks can change from year to year. It’s important to review your insurance policies regularly to ensure they still provide the coverage you need.

Starting the New Year with a clear view of your business’s financial health will set a solid foundation for success. It’s about more than just numbers; it’s about understanding your business and making informed decisions that will lead to growth and prosperity. Happy New Year and here’s to a financially prosperous year ahead!

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ProviderCFO was founded with a simple goal in mind: we wanted to expand the accessibility of top-flight accounting and financing services throughout the industry. Whether you’re looking to outsource an entire accounting department or simply need help automating your Accounts Payable and adding security to your cash management process, ProviderCFO has got you covered.

Since 2019, our unique shared service model has helped assisted livings, nursing homes, group homes, home cares and other direct care facilities improve their financial stability and optimize their ability to focus on care to their clients.

For more information on how the ProviderCPO can assist you, please call us at (763) 354-1113.