The end of the financial year is fast approaching and can be stressful for many reasons, especially if you are a small business owner. But with a little bit of time up your sleeve you can begin that preparation to make sure you are ready! With a little bit of planning, your new financial year could roll on smoothly!
1) Ensure you have the right financial team
Don’t underestimate the importance of having a good financial team backing you in business. Having someone look after your books, manage your GST, assist with cash flow and other financial matters can be crucial in making sure you stay on top of things. It allows you to get on with what only you can do. Finding a good tax agent or accountant to sort the higher level stuff is really important too. We can recommend a few accountants that we think do an amazing job, and one that would be best suited to your business. It’s important to have a financial team that you can work with ongoing.
2) Get up to date
It’s really important to stay up to date with your GST. Check in with your bookkeeper and make sure
everything is in order and nothing has been missed or outstanding. If you have employees, your payroll is reconciled in preparation for 30 June to pay their super and submit their payment summaries. Your bookkeeper will know the dates when various things like this are due, and work with you to make sure everything is in order. You may need to set up a GST account to transfer GST amounts into so you don’t have a huge bill at the end of the financial year. The responsibility falls on you ultimately so it’s important to make sure you review your BAS information and ensure it is up to date. It’s important to make time with your bookkeeper, especially as the end of financial year approaches.
3) Review and update business and marketing plans.
Take the time to review your business plan, your goals, marketing strategies and your forecasts for the year before the end of the financial year. This will help re-position you to take things to new levels and grasp what you have done well and what needs improving or changing. You can put new strategies and plans in place and start afresh as you enter into the new financial year. It is good to remind yourself of goals and priorities, maximise your efforts and make the most out of new opportunities. Are there certain services etc that you don’t enjoy offering? Maybe you can either outsource or can them all together, or repackage up in a different way.
Ensuring you have the right financial team in place, and that your GST and other financial affairs are up to date is the best way to start the year fresh! It positions you to get the best out of the end of the financial year and enter the new financial year without the stress that so often comes with tax time.
To discuss your preparation for EOFY make a time with me here: https://calendly.com/balancebooks/15minutephonecall
Disclaimer: The advice contained in Balance Books blogs and newsletters is of a general nature only and may not apply to your individual business circumstances. For specific advice relating to your situation, please contact your Accountant or other professional adviser to discuss further.