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.