The start of a new year is the perfect time to review your business finances and put strong foundations in place. Taking proactive steps in January can prevent problems later, improve cash flow, and set you up for a more profitable and organised year.
Whether you are a small business owner, contractor, or managing multiple revenue streams, completing essential financial checks now can save time, reduce stress, and help you make informed decisions that impact the rest of the year.
Key Financial Checks for January
Here are the main checks businesses should complete at the start of the year:
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Review your accounts and cash flow – Ensure all income and expenses from the previous year are accounted for, and forecast your cash flow for the first quarter. Understanding your cash position early helps you plan for upcoming payments, investments, or unexpected expenses.
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Update bookkeeping and financial records – Accuracy at the start of the year makes tax planning easier and avoids errors later. Check for missing invoices, reconcile bank statements, and ensure all transactions are correctly categorised.
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Check tax obligations – Confirm deadlines for VAT, Self Assessment, Corporation Tax, and payments on account. Missing deadlines can lead to fines or interest, so planning ahead with your chartered accountant ensures you stay compliant.
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Payroll, CIS, and compliance checks – Verify employee records, pensions, and contractor payments. Ensuring all filings and payments are up to date reduces risk and keeps your business running smoothly.
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Set priorities for the year – Identify investment opportunities, cost-saving measures, and financial goals to guide your decision-making. A clear financial plan now will help you make informed business choices as the year progresses.
Why Professional Support Matters
Working with a chartered accountant Essex businesses trust ensures your financial checks are thorough, accurate, and aligned with your business goals. At Beckett Taylor, we provide tailored support including:
We also act as a trusted financial advisor, helping you plan strategically for growth. Early-year financial planning with a financial advisor Essex businesses rely on ensures you avoid surprises and take advantage of opportunities.
Take Action Early
A proactive financial review at the start of the year reduces mistakes, prevents last-minute stress, and positions your business for success. With the right checks and professional support, January becomes an opportunity to start the year organised and confident rather than reactive.
Need help completing your January financial checks?
Get in touch with Beckett Taylor today to ensure your accounts, taxes, and compliance are in order. Our Essex-based team is here to help your business start the year with clarity, control, and confidence.