As your small business begins to grow into a mid-size business, every aspect of the company becomes more complicated. Manual processes and cash-basis accounting become less efficient, and the need to have more robust software, internal controls, and financial procedures becomes increasingly important.

Previously, we addressed how businesses can maintain their profit margins when experiencing growth. After the recent economic instability, however, not every company finds itself in a position to expand.

No matter how successful your business is, there are likely various opportunities for blind spots to exist. (In fact, thinking that you don’t have any blind spots can create more blind spots.

As your business heads into 2023, now is the ideal time to review your financial processes from the prior year. How frequently did you receive financial reports? How many of your decisions were backed by financial data? How well did you safeguard your business against fraud? How often were there errors in your financial data? If your answers to these questions are less than ideal, it may be necessary to dedicate time to reviewing your financial plan.

The beginning of the year presents an excellent opportunity to reflect on the strong and weak points of your business. By now, you’ve probably thought about areas that you want to grow, change, and improve in the new year, as well as processes that are working well and should be maintained.

For business owners, managing finances of a fast-growing small business can be difficult, and choosing the right accounting method is one of the critical early decisions to make. There are two main accounting methods used for keeping business records—cash-based and accrual-based.

With every new year comes the opportunity to set new objectives for your business, apply lessons learned from the year before, and grow a little bit more. As January approaches, now is the time to begin thinking about what you want your business to achieve in 2023.

According to this study conducted by Harvard Business Review, 9% of companies flourished after an economic downturn, independent of their pre-recession standing. The businesses that thrived were able to strike a balance between strategically cutting costs to survive and investing in future growth opportunities, such as spending on marketing, new assets, and research and development.

Despite the economic challenges that the past couple of years have brought, the economy is recovering. Two years ago, many businesses found themselves needing to pivot in order to stay afloat during the rise of the COVID-19 pandemic, but now, many find themselves in positions of unprecedented growth.

The end of the year is an ideal time to start thinking about audit preparations. Even if your company isn’t required to go through an external audit, year-end is one of the best times to conduct an internal audit.