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  • Writer's pictureNicola Fallon

The Power of a Year End Review

Updated: Dec 29, 2023

Introduction


As we approach the end of another incredible year, it's time to reflect, celebrate achievements, and set our plans for the future. At Virtual Accounts & Taxes, we’re proud to work with female business owners, and whether you’re an entrepreneur, a passionate freelancer or a proud business owner who feels that maybe 2023 could have been better, an end-of-year review is a great way to reflect on what worked, what didn’t work, and what’s next.



In this article, we’ll share our ideas for conducting a year end review for yourself, and of course, if you need our support with the financial part, we’re here to help and ready for your call.


Celebrate your wins


Do you remember your first sale? How about the moment you hit a 6 figure income? Every win in business deserves celebration, and the end of the year is a great way to look back on just what you achieved - even if it wasn’t planned, and even if it seems like a tiny win. Celebrating your wins is a morale booster, it keeps you motivated and focused, and your wins are probably closely connected to the reason you are in business in the first place.


Learn and evolve


Ok, 2023 wasn’t a walk in the park. And just like life, running a business can be a bit of a rollercoaster. Your end of year review gives you a great opportunity to assess what worked well and what can be improved for the future. Take a look into your numbers and see where things went brilliantly as well as those areas that might benefit from a change of strategy. Your numbers tell a story, and the insights you glean from a review can have a meaningful impact on your decisions for the future.


Set goals for the future


And we’re not just talking business goals, we’re talking personal too. Your business’s success isn’t just about Xero and profits, it’s about building a business that meets your personal goals. Did you really have the year you hoped for personally? What could be better next year? Your bookkeeper can help you make sense of your numbers so you can focus on how they help you achieve your life goals.


Take control of your finances


Many business owners simply don’t review their finances, but as you’ve read this far, we’ll assume you’re not one of those people. It’s easy to bury your head in the sand when it comes to your finances, if everything’s paid on time, it can be tempting not to look any deeper, but taking some time to conduct a year-end-review is a great way to start as you mean to go on. whatever happened up until now, having a view of where you are right now, means you can take control of your finances for the future. A solid financial foundation is the backbone of your business, and we’re here to help.




Seeking support is never a sign of weakness. You do your thing, and we’ll do ours. Reach out to your bookkeeper as your go-to partner for all things financial, and we, for one, would love to support you in conducting your own end-of-year review, to discuss your goals, address your concerns and discuss new ways you can grow your business in 2024. Whether the calendar year end is the same as your financial year end or not, this time of year is a great time naturally to sit and take a look at exactly what’s going on behind the spreadsheet.


As we wish 2023 farewell, we’d love to raise a toast to you and your business and a new year of exciting growth.


If you’re feeling overwhelmed by your business finances, then let's chat about how we can support you. Remember, you don't have to do this alone:




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