Top tips for the upcoming EOFY | Part two
Our XPAC partners are continuing to share their best advice for the upcoming end of financial year (EOFY).
Tanya Titman – Managing Director, Consolid8
- Start the new financial year on the right foot with a budget for your business. Ninety percent of small business owners don’t have a budget in place. I believe a budget is the foundation of successful financial management.
- Review and analyse all your financial statements. Make an appointment with your accountant or bookkeeper, then go through your Profit & Loss and Balance Sheet line by line, ask questions, and make sure you understand every entry.
- If you plan to grow your business, having a system for managing cash flow will be critical to your success. I suggest forecasting at least 12 weeks in advance to show you when and how much extra funds you will need.
See Tanya’s full blog post here.
Natasha Sampson-Ly – Director, Tashly Consulting
- Be organised! Start working towards the EOFY processes well before EOFY arrives. Keeping your accounts up to date may help discover any issues that need resolving well ahead of the deadline. Keep up to date with reconciliations for the key financial items, such as your payroll and tax obligations.
- Have a plan! Knowing your obligations, and when they fall due, can set you up to ensure you have met all your requirements with enough time. Did you know that you need to pay your employee Super well in advance of 30 June to claim a tax deduction in that year, even though they aren’t legally due until 28 July?
- Seek improvement. EOFY is a great time to reflect on how your business and its processes operated the prior year, and to set intentions for the new year. Are you currently getting the most out of your accounting software? Most importantly – keep calm.
Karla Hourigan – Systems Advisor, Infinesse
- Get the right tools. Using the right stack (or set) of cloud tools can truly enhance the way you conduct your business. With thousands of different apps, the hardest part can actually be making the right choices.
- Do what you do best. Stop trying to be the jack of all trades and start building partnerships with the right people with the right skills that can take on some of the workload and help you achieve your goals. Remember why you went into business and do what you do best!
- Stay ahead of the game. Get on top of your finances now and make sure you keep everything up-to-date this financial year. Don’t let anything fall behind the eight ball because we know where you’ll end up by next 30 June, snookered!
What else do you need to think about? The answer is simple really – just start.
Check out Karla’s full post here.
Source: Xero Blog