Top 5 Financial Tasks Every Small Business Should Do in January

The start of a new year is the perfect time to get your finances in order. Taking a little time in January to organize your accounts can save you stress, improve cash flow, and help you avoid costly mistakes later. Here are the top five financial tasks every small business should tackle this month.

1. Review Your 2025 Accounts

Start by looking back at last year’s finances. Check income, expenses, and cash flow to identify trends and areas for improvement. This review helps you understand where your money went and where adjustments are needed for 2026.

2. Reconcile Your Bank Accounts

Ensure all transactions are accurately recorded and match your bank statements. Reconciling accounts monthly reduces errors, highlights missing payments, and ensures your records are accurate for tax time.

3. Set Your 2026 Budget

Based on your review of 2025, set a realistic budget for the year ahead. Include funds for growth, emergency expenses, and upcoming tax obligations. A clear budget gives you control over your finances and helps guide business decisions.

4. Plan Your

Avoid last-minute stress by reviewing upcoming tax deadlines and planning for any payments due. Check for allowable expenses, reliefs, or contributions that can reduce your tax liability. Setting reminders for deadlines like VAT returns and self-assessment ensures you stay compliant.

5. Automate Where Possible

Save time and reduce errors by using accounting software or bookkeeping services. Tools like FreeAgent or Diamond Bookkeeping can automate tasks such as invoicing, expense tracking, and bank reconciliation, freeing you up to focus on growing your business.

Conclusion - Starting the year organised sets a strong foundation for success. By reviewing last year’s accounts, reconciling your finances, setting a budget, planning your tax strategy, and automating bookkeeping, you can reduce stress and make better business decisions in 2026.

Need help getting your finances in shape for the new year? Contact us today to see how we can support your small business.