Like New Years, the end of the financial year is time to reflect on the past year and take stock.
Here are some tips and areas to focus on to help your business grow and achieve your financial goals:
1. GET YOUR ACCOUNTING SOFTWARE UP TO DATE
If you're using traditional desktop accounting software or Excel spreadsheets, think about the benefits of moving to cloud accounting. Cloud accounting makes it easy to access your business accounts from anywhere, at any time. Cloud or online accounting is secure, with powerful encryption and remote backups so there's less chance of your vital business information being lost or stolen.
To help determine which accounting software program is right for you, please download our free app and complete our cloud accounting survey and we will contact you to discuss the results.
Download the app from Google Play store here.
Download the app from the apple store for iPhones here.
2. REVIEW YOUR SYSTEMS AND PROCESSES
As a business matures and evolves, owners often forget to look at their systems and processes, such as invoicing or payroll. Whilst it can be a tedious task to review or implement a new way of doing things, the long-term benefits can save you time and money.
3. STAY UP TO DATE WITH LODGEMENT DEADLINES
Make sure you are aware of your lodgement and tax payment deadlines. Set up your calendar with appropriate alerts and reminders for the coming year. Contact us if you are unsure of your deadlines.
Our free app includes a calendar function to assist with keeping up with deadlines.
4. CHANGES TO SUPER
The new financial year is a perfect time to consider your nest egg. A good place to start is to consider making concessional (tax deductible) contributions into your superannuation fund. Before you make a contributions please give us a call to ensure you are making the most of your contributions.
5. REVIEW YOUR INSURANCE
Make sure your insurance is appropriate for your circumstances. Over time your needs change; those with young families may require higher cover compared to those who are nearing retirement.
If you would like to review your current arrangements, feel free to get in touch with our insurance specialist, Angus Stephen on 1300 885 761 or email at email@example.com for an initial no obligation discussion.
6. UPDATE YOUR WILL
Your will is like a car. It needs regular maintenance to stay in good working order. Life and circumstances change over time, and your will should reflect those changes. If it has been 2 or more years since you last reviewed your will, take the time to consider whether it is still appropriate for your wishes.
FOLLOWING THROUGH ON YOUR FINANCIAL RESOLUTIONS
We look forward to working with you in the coming year to help you achieve your new financial year resolutions.
If you would like more information or assistance with your new financial year resolutions, contact us on 1800 885 761.
Happy New Year!