The end of the year has arrived. But before we pop the champagne, it’s time to consider what your company needs for a smooth start to 2024. No complicated to-do list, but a to-the-point list of action items to be administratively well-prepared for the coming year. Let’s go!
What should you consider for your start in 2024?
Let’s go through your company’s administration and ensure a strong start to the new year with these reminders. Here are some things to keep in mind as you prepare for the upcoming year:
1. Allocate leave balances
A good work-life balance begins with smart management of leave and time off. In TimeChimp, you can easily track the status of leave hours. This is not only convenient for employees but also for you as an employer. It allows you to transparently communicate about available leave days and prevents surprises when planning for the new year.
Action items:
- Check leave hours in TimeChimp for transparency and tell your employees how much leave they are allowed to transfer to the new year.
- Allocate leave balances for a clear overview. Communicate clearly how your employees can take these leave days.
2. Update project costs and prices
Organized financial administration is crucial for a projects’ success. Just update project prices in TimeChimp for accurate invoicing. An important aspect of this is updating your project prices in a streamlined manner.
Action items:
- Check and update project prices for accurate invoicing.
- Use TimeChimp for easy adjustments on project level.
3. Adjust rates and contracts
If there’s anything keeping your business running, it’s the contracts and agreed on rates with your employees and stakeholders. Are purchase and sales rates changing? By accurately tracking these changes in the system, you not only avoid misunderstandings but also ensure that all parties are aware of the latest agreements. A small effort now saves you trouble and unnecessary confusion in the new year.
Action items:
- Keep all rates up-to-date in TimeChimp.
- Ensure all parties are informed of recent agreements.
4. Create schedules for projects and critical positions
Critical positions deserve attention when assigning your staff to projects. TimeChimp helps with creating a tight schedule, where every project has the right amaount of people working at the right time. This prevents stress, and ensures the right staffing at crucial moments.
Action items:
- Keep the schedule tight with the help of TimeChimp.
- Ensure that the right people are in the right place when it matters.
5. Send invoices and reminders for outstanding payments
Timely invoicing is the lifeblood of your business, as it creates a healthy cashflow. Send out your final invoices at the end of the year, and contact customers with outstanding payments to negotiate new payment terms if necessary. TimeChimp helps you to streamline the invoicing process, allowing you to face the new year with peace of mind.
Action items:
- Ensure all outstanding invoices are sent and updated in your system.
- Find any outstanding payments and contact the customers to discuss new payment terms if necessary.
- Check if the connection with your accounting software is still working so you don’t have to import the data manually.
6. Prepare your tax declaration
Use smart tools to generate detailed reports on all worked hours and project costs. These reports serve as valuable attachments to your tax declaration. By submitting accurate reports, you minimize the risk of errors and increase the chance of tax benefits. Make sure you are aware of all important tax deadlines for your business. Plan early preparations to avoid last-minute stress when filing your tax declaration.
Action items:
- Start collecting all necessary documents for your tax declaration in a timely manner.
- Make a list of possible deductions and discuss them with your tax advisor.
7. Set budgets for 2024
Reviewing and adjusting your budgets for the new year is an essential part of well-organized administration. Use TimeChimp for detailed reports on worked hours and costs and use them to make data-driven decisions.
Action items:
- Evaluate your current budget and identify areas for adjustments.
- Carefully analyse costs, revenues, and profit forecasts to create a solid financial plan for 2024.
8. Evaluate projects and plan your strategy
Evaluate project progress with ongoing projects and document successes as well as areas for improvement for all closed projects. You can use this information in strategy sessions to set clear goals in 2024 with TimeChimp as a guide. The project module makes project management easier, providing quick access to the necessary data for evaluation.
Action items:
- Document successes and areas for improvement in ongoing projects.
- Plan strategy sessions to establish clear goals for 2024 and use TimeChimp for a structured roadmap.
9. Research changes in regulations and legislation
Stay informed about any changes in rules and regulations that may affect your business. Ensure that your administrative procedures align with new legislation to prevent problems. Read more about HR and legislation in 2024 in our blog.
Action items:
- Keep track of new regulations. Use official government websites as a source for your research.
- Adjust your administrative process where necessary and try to plan ahead if certain changes in legistlation are still being discussed by officials.
Organized administration is the cornerstone of a successful business. With this comprehensive checklist, you are well-prepared for a smooth start in 2024. Whether you’re managing your leave hours, keeping track of updated rates, forging strategic plans, or managing your finances; TimeChimp is ready to support you.
Take advantage of a free trial period with TimeChimp now and discover how our tool can help you achieve even more efficient business operations.
