Bookkeeping Resolutions for 2024

As we enter a new year, it’s the perfect time for bookkeepers and small business owners to set some resolutions that will improve processes, maximize accuracy, and make 2024 your most organized and efficient year yet when it comes to financial record keeping.

Implement New Organization Systems

One of the most vital bookkeeping resolutions is getting organized. For many, bookkeeping can feel overwhelming if there are piles of receipts floating around and no clear filing system. That scattered approach is a recipe for mistakes. This year, resolve to declutter and streamline your record storage. Invest in binders, folders, locking file cabinets – whatever you need to neatly categorize years’ worth of tax documents and receipts. Organize by year and expense category. Create a filing method you can stick to long term. Having past records organized will also make tax time less stressful.

Automate More Tasks

Bookkeeping today is so much easier thanks to a wide array of automation tools and accounting software options. 2024 is the year to make your bookkeeping more automatic to save vast amounts of time. Set up processes like automatic bank feeds into your software, recurring invoices, automated late payment reminders, automated downloads of payroll data, and more. Explore automation features your existing software may already have that you haven’t tapped into yet. Or demo new software programs that can eliminate more manual tasks. The more you can automate, the less time you’ll waste on clerical work.

Review and Update Your Chart of Accounts

Is your COA still working for you? Over time as businesses evolve, the old chart of accounts can become outdated, full of vague categories, duplicated items or missing departments. Start the new year by giving your COA a checkup. Delete any unused accounts from years past. Add specific categories where needed, especially if your business has expanded offerings in new areas. Arrange your COA logically into intuitive categories and account groups. Clearly named categories will make recording transactions easier all year. A clean chart of accounts also filters into clearer financial reporting.

Perform a Bank Account Audit

When is the last time you thoroughly audited your bank account transactions and statements? For small businesses, it should be done quarterly at a minimum. Set a 2024 resolution to review all debits and credits on your accounts each month. Verify that amounts match invoices and receipts. Make sure there are no fraudulent charges or duplicate payments made in error. An audit helps catch and correct mistakes before they pile up. And staying on top of transactions makes end of year reconciliation far less daunting.

Create Better Receipt Organization & Labeling

Many bookkeeping headaches start from lacking clarity around what all those accumulated receipts are even for! When employees turn in expense reports, make a resolution that receipt details must be crystal clear before anything gets reimbursed or recorded. Ensure:

• Receipts are neatly taped to 8 1⁄2 x 11 papers with expense totals circled
• The business reason is written on each receipt in detail (not vague notes like “supplies”)
• Categories are added like Travel, Office Supplies, Contract Services, etc. Put procedures in place to standardize these receipt handling protocols across your staff. Removing ambiguity saves tons of time deciphering expenses later.

Institute Systematic Review & Reconciliation

Another resolution that reduces year-end headaches is adopting consistent account review habits all year. For starters, examine last year’s books. Make reconciliations and adjustments for any transactions from 2023 you may have missed. Confirm all balances are accurate before working in 2024 figures. Going forward, schedule transaction reviews for every month. Reconcile bank and credit card statements against your books. Review payroll records. Tie out income and sales totals. Do mini account audits quarterly. Finding and fixing small discrepancies as you go means you won’t have major fiascoes to unravel in December!

Learn New Accounting Software Skills

Cloud accounting technology is an evolving space. Consider setting some training goals to keep your skills current. Commit to properly learn features in your existing small business accounting tools that you’ve neglected due to lack of time. Review help guides and support materials online for your software. Maybe even invest in advanced courses specific to mastering your particular accounting platform. Or explore switching to newer, more powerful programs touting innovative capabilities in 2024. Learning improved software skills makes every bookkeeping duty faster with less effort. Tech training is vital for modernizing processes.

Meet With Tax & Financial Advisors

As a bookkeeping professional, resolutions around better serving your small business customers could include: scheduling regular financial review meetings with clients, and connecting clients to tax/accounting advisors for planning and performance analysis. Business owners often get lost in day-to-day activities without assessing the bigger picture around taxes, cash flow, profitability and future needs for scaling. Leading strategic business reviews demonstrates your value as more than just a data entry clerk. And introducing clients to CPAs and advisors builds a powerful financial support network every company needs.

There you have it – 7 impactful bookkeeping resolutions for a more organized, automated and accurate 2024. What other goals will you set in the new year? Think ambitiously about streamlining processes through fresher systems, better tech tools and improved accountability via reviews and audits. Don’t let the momentum stop after January either. Continue advancing your bookkeeping administration skills all year long to reduce headaches for years to come.