What Should I Do as the New Financial Year Begins?

It is time to get on top of your business financials as the new financial year begins so you can implement your business goals for the upcoming year. To ensure your business is healthy: actively review your business’ financials (including your cash flow). It may also be beneficial to see a financial planner to get a holistic view of finances, tips and advice to help set your financial goals and develop strategies to reach them.

Taking stock and identifying whether you saved money by comparing your savings account would enable you to closely look at your investments and whether they have increased or decreased. Determine whether you lack discipline in how bank accounts are used and seek financial assistance to help you best capture your savings and help in improving the way you spend.

Review your expenditure over the past year to see whether you need to make financial changes or tighten spending habits and whether these changes would positively contribute to achieving the financial or business goals set out. Having a budget would be extra beneficial and a helpful financial tool in allowing you to keep track of financial ingoings and outgoings for the year. Identifying unnecessary expenses would be helpful to ensure you cut down on excessive spending and place a bigger focus on boosting your savings.

Some other things to take into account before the financial year begins also include:

• Invest your tax refund for your (future) self
• Review finances (where you spent, how much fees/interest, recurring subscriptions). It would also be beneficial to review both your business and marketing plan to identify if there should be any necessary changes that need to be made in order to push forward with financial goals.
• Forecast your cash flow (look at different ways to manage and update cash flow projections)
• Organise records (meet tax obligations, financial position, overview of business performance)
• Update your technology (easy management and access to accounts e.g. HR software

If you have any questions about the above, please feel free to get in contact with one of our experienced Lawyers at Frank Law on (02) 9688 602 or via frank@franklaw.com.au.

This is not legal advice.