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Bartercard has some New Year’s resolutions to set up the best systems and practices in your business, encompassing digital, investing and budgeting, and they recommend you start planning from day one. You can start by setting
up systems and processes that support your business goals, especially if you are looking to expand or tackle a new direction. Implementing fail-safe strategies early in the piece will set you on the right track, especially as the more profitable you become, the more complicated finances get.
Secondly, you should de-clutter by photographing receipts as you spend – lose the paper! There are many accounting software apps that will let you photograph and file receipts - so you won't get buried under paper. You should also cut out non-essential spends, There are hundreds of media outlets within Bartercard where you can conserve cash on advertising while gaining exposure and cut-through in the cash market. Bartercard members have the option to purchase products from other Bartercard suppliers at wholesale or retail rates, adding new stock to their product line which they can on-sell in the cash and/or trade economy.
You can reconcile your bank accounts and credit cards with Xero. Bartercard is linked with Xero and MYOB which makes reconciliation simple and takes the manual work out of recording every Bartercard transaction into your accounting software. The new year is a also a good time to re-visit your long-term wealth-building strategies including real estate that can really set you up for the future. Listing a property through Bartercard is an effective way to sell relatively quickly compared to the cash market and conserve costs in a range of areas.
You should also know the basics of bookkeeping. Even if you already have a reliable bookkeeper or accountant, knowing how to do your own bookkeeping means you will know exactly what information you should be taking to your advisor to get the most out of tax time. If you're looking for more tips on how to deal with change and other business related matters, why not check out The 7 Habits of Highly Effective Small Business Owners - and work smarter, not harder on your business.