Why Franchisees Need to Think About Financials at this Time of Year
Depending on how organised you are, you might currently be scrabbling around for receipts, writing last minute invoices and trying to find someone to do your accounts. While it might be a bit late for this year’s accounting deadline to get organised, it’s a good time to start planning ahead for the next financial year.
Planning ahead saves a whole lot of bother later down the line and makes the March rush a lot more manageable. Here at MCS Franchise, we’ve put together a list of top tips to help you get organised for the next financial year:
Find an app
There are hundreds of phone and tablet apps that help you manage your business. One of the most useful types of app is a receipt catching service like Shoeboxed Receipt Tracker. This helps you scan and manage receipts on the go and put them in the appropriate tax categories. You can also log mileage and store business cards electronically, meaning your far less likely to lose important information.
2. Log mileage as you go
Many businesses find that logging mileage is one of those chores that often takes a back seat. Logging it as you go might seem like a chore at first, but it’s far more accurate and ensures you don’t miss any trips off your spreadsheet. Once you’ve got into the swing of it, logging your miles will become an automatic process and will save you the headache of trying to remember what trips you did when.
3. Track your invoices
There are lots of pieces of invoice tracking software you can use, but lots of people still prefer to keep track manually. Whichever approach you prefer, try and dedicate at least a day each month to going through your accounting and outstanding invoices, and don’t be afraid to use late payment charges if you need to.
4. Find a great accountant
You may well be tempted to do your own accounts, but if you don’t really know what you’re doing, it’s better to delegate to someone that does. A great accountant can be worth their weight in gold, so finding one early in the financial year can help you manage your company’s finances from the get go. They’ll tell you what you can and can’t do, will find you ways to save costs and most of all, will do the maths for you.
5. Don’t ignore what needs to be done
Most business owners are so busy with the day to day running of their services, that things like financial planning, recruitment and marketing often get left until last. In fact, the easiest thing to do is to tend to these issues as you go, rather than ignoring them. Use the beginning of the new financial year to make a plan of attack, and don’t forget to stick to it!
At MCS Franchise, we offer management franchise opportunities for contract commercial cleaning services in the B2B marketplace. If you’re looking to build a substantial business, why not contact us for an informal chat today?