Checklist: Preparing your business for the new financial year
The new financial year marks a great time to reassess your business finances. Use this checklist to help keep your business in good shape for the year ahead.
A new financial year marks a great time to reassess your financial practices and see how you’re tracking. Not sure where to start? Use this checklist to run through some of the tasks critical to good financial practice and help set up your business for the months ahead.
Cash flow is the lifeblood of a business and making sure you have a healthy cash position is crucial to long-term success. There are a couple of ways to review your cash flow:
Financial statements are handy tools that can provide valuable insights into the health of your business. There are two main types of financial statements you should to stay on top of:
Consolidating or reducing ongoing expenses could help free up cash and improve your profit margin in the year ahead. Consider:
There are several types of business structure to choose from. As your business grows, you might find it’s more tax-efficient to change structures. It’s a good idea to talk to your accountant or financial advisor about what’s most suitable for your situation.
Set yourself up for the new financial year by reviewing your business plan and marketing plan. This could include:
If you plan on expanding or need a cash flow boost for the new financial year, it could be worthwhile considering business financing. Some options include:
Getting your business finances sorted can be time consuming, but will likely pay off in the long-run and may result in stronger cash flow, a healthy profit margin and plenty of room for growth in the future.
This information does not take into account your personal circumstances and is general. It is an overview only and should not be considered a comprehensive statement on any matter or relied upon. Consider obtaining personalised advice from a professional financial adviser and your accountant before making any financial decisions in relation to the matters discussed in this article, including when considering tax and finance options for your business.