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Prepared For This Financial Year?

As a business owner, you may have spent your end of the financial year undertaking a multitude of activities such as preparing your tax return, working out your deductions or updating your records. 

While these are fresh in your mind, why not take this opportunity to start a conversation with us about reviewing, planning and prioritising your business goals for the new financial year? 

Here are some of the things you could think about.

Check The Finances

Review how your business was progressing financially in the previous year, and look for things such as: 

  • Where money was being spent (and where it was being spent the most)
  • How much was being paid in fees or interest
  • If there are any recurring subscriptions in place. 

There may be multiple ways you could save your money over the next year, such as by bulk-purchasing the most frequently used items, examining suppliers pricing or providing non-monetary-based incentives for your employees (such as WFH opportunities or flexible working arrangements). 

Forecast Your Cash Flow

A profitable business needs a healthy cash flow to cover its everyday expenses. Keep the cash flowing in your business this financial year by looking at different ways to manage your cash flow. This might include:

  • Making all business payments with the same credit card
  • Separating personal and business bank accounts
  • Keeping your financial records up to date

You could update your cash flow projections so you can plan for any potential shortages or consider shortening or changing your payment terms.

Organise Your Records

Accurate record-keeping is vital for

  • Meeting your tax obligations
  • Demonstrating your financial position to lenders if you need to borrow funds
  • Providing a real-time overview of how your business is performing

Keeping your business finance separate, automating your bank feeds, and making sure your superannuation payments to staff are compliant are all ways you can keep your records organised.

Check Your Super Obligations

From 1 July 2022, your superannuation obligations to your employees have changed. The superannuation guarantee contribution rate has increased to 10.5% and any employees who now earn less than the minimum monthly income threshold ($450) will be entitled to superannuation. Make sure that you remain compliant less you face harsh penalties and consequences. 

Hit your goals this financial year by preparing with us, your trusted business advisors. 

If you would like to discuss how we might best help with your business planning needs, you can contact us to arrange a consultation.

If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services.

Buy now pay later essentially means that, rather than paying in a full lump sum payment for a product or services rendered, there may be an option to pay through instalments of a certain amount over a set period to make the sum of the full amount in total. This method should allow you to pay in full for the product or service without overly straining your finances – you pay back what you can, as agreed upon when you begin the buy now pay later service.

Some popular buy now pay later services include Afterpay, Zip Pay, Brightepay, and some credit card networks such as  Mastercard and Visa, can offer buy now pay later arrangements.

Though it can be a convenient, immediate solution, it may be challenging to juggle the necessary repayments with other financial commitments. It’s not always the most appropriate method for people, and you should bear in mind your situation and ability in paying back the amounts. 

Before you sign up, keep in mind: 

  • It becomes easier to overspend with buy now pay later services, so know your limits on what you can and can’t afford.
  • You will be charged fees and costs to use the service, which can add up to a princely sum in and of itself.
  • Keeping track of your payments can be tricky if you’ve signed up for multiple services.
  • It could affect your loan applications for a car or mortgage as lenders consider buy now pay later spending just as much as your credit score.
  • Late repayments can appear on your credit report, which affects your ability to borrow money in the future.
  • Layby can be a cheaper alternative to buy now pay later, with no account-keeping or late fees to consider

If you are someone who could make use of BNPL services, you may wish to:

  • Ensure that when using the BNPL service, you stick to a set limit on what you spend so that you can comfortably pay it back later. 
  • Aim only to have one BNPL account at a time to manage payments through, rather than confuse yourself with multiple payments across different providers.
  • Always budget for bills, loan payments and BNPL payments, and 
  • Rather than use your credit card for payments to your BNPL account, consider linking to your debit account instead.

If you would like assistance in planning your financial future, help in managing your budget or some friendly advice, see us for a chat about what we can do for you.


What our Client Say

John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier

David and Alison Parker

I have been consulting J L Noller and Co. (more specifically Jane) for six years and during this time I have found her to be professional, efficient and easy to discuss all accounting and taxation matters with. Her office team are all polite and friendly also.

David and Alison Parker

Business Owner

Carl Gillmore

I have used Jane & the team for the last 6 years for all of my business & personal accounting needs. They have always been professional, easy to talk to & available when we have needed assistance.

Carl Gillmore

Carl Gillmore Landscape

John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier