After all the hype about EOFY sales, stocktake, tax time still in the works and everything that comes with it – we’ve all but forgotten that along with the NEW financial year comes many opportunities to trial new approaches, improve on our financial planning and get more organised!
We’ve summarised a few ways that you could look to improve on your business finances in the 2017/2018 Financial Year (you may be doing these already – if so, go you!)
Keep track of your expenses in one place.
Make it easier for yourself and your accountant at the end of the financial year with one spreadsheet or app which tracks all of your expenses. You’ll also capture those little expenses which may get lost throughout the year. For a simple approach, you can download our expenses spreadsheet here. If you want to keep up with tech, many invoicing apps such as Wave or financial systems such as Xero allow you to track this information.
Review your best and worst sales categories.
Take a look at what products or services were best sellers, and which didn’t perform as well. Do you have an insight into why? Perhaps these didn’t match what your target audience needed, or perhaps you didn’t quite market to their pain points. This is a chance to review what you can change in the new year.
Count the dolla-dolla bills!
Whether you’re a big or small business, sole trader or company, this is also a good time to sit back and appreciate what your hard work earns you. If you’re in your first year or are still growing your business, don’t stress! Growing a business can take time – and it’s a huge achievement to be where you are now either way.
Organise yourself in advance for tax time.
Especially in the first few years of business, some business owners aren’t sure what to expect in terms of tax bills, GST, and other bills with potentially unpredictable amounts associated. If you have an idea of what you’ve been charged in the past, start putting aside funds each fortnight or month into separate accounts to ensure you don’t have a nasty surprise in the mail.
Find yourself a GREAT accountant!
Throughout the year, you’re bound to have questions about what deductions you can claim, changing business structure, and more. Having a well qualified accountant on hand to chat to will help you feel at ease and ensure that you’re only claiming the RIGHT things, as well as catching any other related issues you may not have been aware of.
If you’re in need of a fabulous accountant – we work with clients across Australia and if you’re based in Perth, we can meet you at your favourite cafe or your office! Email [email protected] to setup a time to meet.