Top 10 Financial & Accounting Resolutions for Business Owners in the New Year

Each new year brings not only aspirations for growth, but also an opportunity to improve how you manage your business, including how you manage your money. Much like personal New Year’s resolutions, setting business accounting and financial resolutions can have a lasting impact. In this article, we outline 10 practical, meaningful financial & accounting resolutions that small- and medium-sized business owners should commit to for the year ahead.

Why Resolutions Matter for Business

Resolutions aren’t just about vague good intentions; when turned into concrete actions and embedded in business routines, they create habits. And good financial habits lead to better cash flow, lower stress, improved profitability, and smarter growth. The start of the year is the perfect time to commit to them.

Resolution 1: Implement Regular (Monthly or Quarterly) Bookkeeping & Reconciliation

Instead of waiting until year-end or tax time to sort receipts and record transactions, commit to regular bookkeeping. Monthly or quarterly bookkeeping helps you maintain accurate, up-to-date records and gives you timely insight into your financial health. Many small businesses find that this dramatically reduces stress and improves decision-making. 

Benefits:

• Catch errors or bookkeeping mistakes early

• Monitor cash flow more closely

• Understand, quickly, whether your business is profitable or bleeding money

• Avoid a last-minute scramble when the financial year ends

Resolution 2: Build a Rolling Cash-flow Forecast & Budget

A static annual budget can quickly become outdated. Instead, commit to building a rolling cash-flow forecast that updates regularly (quarterly, monthly) to reflect actual performance, upcoming expenses, and realistic goals. This “living forecast” becomes a vital tool for managing working capital, planning for growth, and weathering slow periods.

Resolution 3: Track the Key Financial Metrics (KPIs) That Matter

What gets measured gets managed. Adopt a small set of Key Performance Indicators (KPIs) and monitor them regularly. Some KPIs to consider:

• Cash flow (inflows vs outflows)

• Gross profit margin and net profit margin

• Customer acquisition cost (CAC) vs customer lifetime value (if you have recurring customers)

• Revenue per employee (if you have staff) is a rough measure of productivity

• Expense ratio (costs as a % of revenue)

Keeping an eye on these helps you detect red flags early and make data-driven decisions. 

Resolution 4: Maintain a Clean Asset Register & Depreciation Schedule

If your business owns tools, equipment, machinery, vehicles, or other fixed assets, create and maintain an asset register. Track acquisition dates, costs, depreciation, disposals, and residual values. This helps with tax deductions, accurate bookkeeping, and understanding the real cost of ownership over time.

Resolution 5: Review and Optimise Your Business Structure

As your business evolves, what was once the right structure (sole trader, partnership, company) might no longer be optimal. Take time this year to review whether your current structure still makes sense in terms of tax efficiency, liability protection, growth flexibility, and administrative burden. Professional advice can be invaluable in this regard. 

Resolution 6: Implement or Improve Internal Financial Controls & Processes

Set up systems and policies around invoicing, expense approval, payroll (if relevant), and record-keeping. Clear processes help avoid mistakes, prevent compliance issues, and make it easier to scale operations or hand over work if needed.

Resolution 7: Plan for Tax & Compliance Early, Don’t Let It Sneak Up on You

Rather than scrambling near tax deadlines, build tax planning into your routine. Ensure you record all deductible expenses, track GST (or relevant sales tax), manage provisional tax payments, and schedule a regular tax review. This reduces the risk of surprises, late payments, or missed deductions. 

Resolution 8: Allocate Resources for Growth and Investment Thoughtfully

If you plan to grow, whether by hiring, buying equipment, expanding services, build that into your budget and cash-flow forecast. What may seem like “optional” investments can become costly or even unfeasible if not planned. A realistic financial plan helps you understand when and how you can grow without undermining cash flow or profitability.

Resolution 9: Seek Expert Advice or Outsourcing Where It Makes Sense

You don’t have to do it all alone. Outsourcing accounting/bookkeeping or working with an advisory partner can save time, reduce errors, ensure compliance, and provide valuable insights. Especially as your business gets more complex, a trusted accounting partner becomes a strategic asset. 

Resolution 10: Keep Business and Personal Finances Separate

One of the most common pitfalls for small business owners is mixing personal and business finances. It complicates bookkeeping, muddies the water for measuring business performance, makes tax time harder and in some cases can put your personal assets at risk. 

To fix this:

• Open a dedicated business bank account (and card)

• Avoid using personal accounts for business transactions (try to incorporate with your regular salary/wage from the business or dividend payments)

• Make sure all business-related income and expenses flow through your business account

A Few Tips to Make Resolutions Stick

• Start small: pick 2–3 resolutions and embed them into your monthly routine.

• Use tools: cloud-based accounting software, spreadsheets, or apps help with consistency.

• Review quarterly: revisit your progress, adjust where needed, and set new sub-goals.

• Stay accountable: if working with a partner or accountant, schedule regular check-ins.

• Treat it as an investment: time spent on systems and planning now pays off many times over.
  

Conclusion

Like personal resolutions, business financial resolutions aren’t just promises; they’re commitments. When built into your operating rhythm, they become part of your business’s DNA. By starting the year with clarity and intention, committing to better financial discipline, and working with the right support, you’re not just hoping for growth, you’re planning for it.

If you’d like help setting up a cash-flow forecast, bookkeeping system, or business structure review, get in touch with us at Affinity Accounting. We’d be happy to help you turn resolutions into results.

What our clients say

“Dylan is one of the best accountants I've worked with. He makes a point of explaining things as plainly as possible to those of us who don't understand accounting speak. He has a solid knowledge of best practices in the industry, but most importantly he will always recommend what is most suitable for your specific business. I will continue to recommend Dylan and Affinity Accounting to my clients when they are looking for an accountant.”

-Jay Brooker