With the new financial year in full swing, now is the time to start getting organised for the year ahead. We have put together 5 tips to help you prepare your business for the new financial year.
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
You 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 you spending most of your 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. Using Receipt bank as an add onto Xero can help you organise & keep track of your 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 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 afloat 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. Remember, all companies will vary with their needs, so be sure to seek the right advice when choosing your insurance.
If you would like to discuss your finance options, contact us today!