How to prepare your business for the new financial year
The new financial year is quickly approaching (that’s right people, only 4 weeks to go), so now is the ideal time to start planning for the year ahead. We have put together 5 tips to help you get things on track.
It sounds obvious, doesn’t it? Having a plan that stipulates your deadlines & looming payments can help reduce stress and give you the chance to get on top everything. Keep it simple; a monthly or quarterly planner can be incredibly helpful to your business, mapping out the due dates of your tax obligations & allowing you to save for these larger contributions.
Use technology to your advantage
We wear many different hats as a business owner; manager, bookkeeper, HR advisor, administrative assistant – the list goes on. These time-consuming activities can lead to us spending most of our day working through receipts & coding transactions to finalise the month. Rather than wasting your time, use technology to help you gain control of these tedious tasks. We use Receipt bank as an add onto Xero to help us organise & keep track of our expenses. This funky little program allows you to take a photo of your invoices/receipts from your phone & upload it to their inbox, where you can automate the program to read your receipts & send an electronic copy through to Xero. If there is one thing you do this financial year it needs to be digitalizing your administrative work, let me tell you the time you save is invaluable.
As you start to grow your business, it is essential to delegate jobs to free up your time. You may find that there are processes that you’re able to automate (see above) or even tasks that you want to outsource. Set a clear goal for your business
Know your cash flow
This is a good time to use the knowledge of your business’ cash flow to prepare a budget for the coming year. Like everyone else, there are times throughout the year when funds can be tight – if you are aware of when these crunches on cash flow may occur, you will be able to plan for it. Use the knowledge of your company to stay a float during the trickier months.
Protect yourself (and your business)
As a business owner you are exposing you and your company to certain risks. To protect yourself against any of these potential threats, it is imperative to have the right insurance in place for your business. Remember, all companies will vary with their needs, so be sure to seek the right advice when choosing your insurance.
Want some further advice on how to get your business ready for the new financial year? Give us a call on 1300 462 444