Woohoo, a new financial year has started and just like your profit and loss statement resets on 1 July so should your business, I mean who doesn’t love a fresh clean slate 😉 So here are our red hot tips on how you can set your business up for success.
Reflect on the financial year that was, what worked well and what didn’t? Write it down, consult with others, share with team members, it’s a great start in planning ahead but we’ll get to that bit later.
Celebrate the wins from last financial year (cos you deserve a pat on the back) and release the failures, albeit hard as they can be your best learning experiences.
Time to set goals, budgets and strategies for the upcoming year as failing to plan is planning to fail. In fact, we have written a whole blog on this subject, you can check it out here
Look for ways to increase revenue and reduce ongoing costs without impacting quality. Pro tip with reducing costs is to look at your top 5 expenses, no point tinkering around the edges and try to think outside the box!
Why not enter your budgets into Xero so you can report on budget v actual throughout the year to keep yourself accountable.
You could even go one step further and work with us on setting forecasts for this upcoming year and beyond with scenario mapping to meet future goals and if you are looking to grow or need to refinance this is a fantastic way to tell your story to the financiers, so they don’t invent their own.
Take the opportunity to tidy up and optimise your Xero file. Like what we hear you say?
· Make sure all your bank and credit cards are on feeds
· Utilise receipt capturing software like Hubdoc or Dext
· Setup auto super for employees, it really does eliminate the superannuation payment burden
· Create rules for items that repeatedly occur in your bank and credit card accounts
· Review your aged receivables, payables and plant & equipment register to ensure they are correct
Wouldn't you know it, we also have a blog for how to optimise your Xero file, you can check it out here
Out with the old in with the new
Look to implement technology and automations to find efficiencies and cost savings in your biz. Where to start with automation? Review what manual repetitive tasks you are doing to see if they can be automated with technology such as moving to cloud technologies like Xero and Hubdoc to automate some of your bookkeeping or integrating your software, so you aren’t rekeying the same information into different software products. #yourwelcome. We can 100% help you with this as this is our jam!
Any time you can find to focus on these tasks will bring great reward or as us financy types like to call it, return on investment.😉 Now go forth and smash this year, we want to see your success stories. Good luck!
Still have questions? That's OK, feel free to make contact with one of our oh so cool not nerdy at all team members today.
Disclaimer: The information provided is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice