As we start a new financial year, it’s time to start thinking about those new financial year resolutions for your business. We wanted to share with you 5 great tips to start the year on the right foot and to maximise your chances of success.
This year, more than ever, it’s vital that you take proactive steps to maximise the opportunities that your business has for success. Whilst we can’t guarantee business success, if you follow the 5 tips outlined below you at least place yourself on the best footing possible.
Create a Budget
Too often we see businesses “wing it” when it comes to their business finances. They really have no idea how their business is performing. Money seems to go out as soon as they receive it. A realistic budget allows you to best assess the health of your business as you will know whether you are exceeding your revenue goals and whether your expenses are as expected. Make sure your budget is realistic but ambitious, and that it includes all fixed expenses. It is important that you also allow some wiggle room for flexibility – if things change throughout the year.
Keep Thorough Records Of Your Deductions
Those that “wing” their finances are often also not the best at record keeping. If they keep their receipts at all they are keeping them in a shoebox in the corner of the office at best. This causes a number of issues. It means you may miss out on all potential deductions. It makes preparing your tax returns more difficult, and it can cause issues in future if you are audited by the Australian Taxation Office.
Set A Realistic Financial Goal
The start of a new financial year is also an important time to set financial goals. You need to make sure these financial goals are realistic given the current economic climate. Give yourself something to aim towards and you will find an immense sense of satisfaction when you achieve these goals.
Check Your Insurance and Super
At the start of every new financial year it’s important to check your superannuation obligations. They often change at the start of each financial year so make sure it is up to date. It’s also a good time to check your insurance coverage and insurance premiums to make sure your coverage is adequate.
Enlist the Help of A Bookkeeper
The final tip that we would recommend is that you enlist the help of a bookkeeper. The right bookkeeper will help you achieve all the other financial goals that are outlined in this article. They just make your life so much easier.
If you are after the services of a new bookkeeper, because you haven’t had one before or because it might be time to get a review of your current accounts, we’d love to speak with you. Please don’t hesitate to get in touch for a no obligation chat.
