As we approach the end of the financial year, it's the perfect time to reflect on your business’s performance and prepare for the opportunities ahead. At KOnsult, we're committed to supporting you through every stage of your business journey. Here are some practical tips to help you wrap up the current financial year and set the stage for success in the new one.
Tips for the End of the Financial Year
Review Financial Statements: Take a close look at your profit and loss statement, balance sheet, and cash flow statement. Identify trends, areas of improvement, and any discrepancies that need addressing.
Reconcile Accounts: Ensure all bank accounts, credit cards, and loans are reconciled. This helps to verify that your financial records are accurate and up-to-date.
Finalise Payroll: Complete your payroll year-end process, including issuing payment summaries or finalising STP (Single Touch Payroll) reports. Utilise our new STP for EOFY checklist to streamline this process.
Inventory Check: Conduct a thorough stocktake if you manage inventory. This helps in identifying any discrepancies and making necessary adjustments to your stock records.
Tax Preparation: Organise all necessary documents for your tax return. While KOnsult is not a tax advisor, we work with and recommend consulting with your tax advisor to ensure you maximise deductions and comply with all tax obligations.
Don't forget to also use our EOFY Checklist to ensure you cover all essential tasks and stay on track.
Tips for the New Financial Year
Set New Financial Goals: Based on your review of the previous year, set realistic and achievable financial goals for the new year. Consider both short-term and long-term objectives.
Update Your Budget: Create or revise your budget to reflect any changes in your business strategy or market conditions. A well-planned budget is essential for financial stability.
Stay Compliant: Keep up-to-date with any changes in tax laws or regulations. Schedule regular consultations with KOnsult and your tax advisor to ensure compliance.
Plan for Growth: Identify opportunities for expansion or new investments that could drive your business forward. Whether it’s upgrading technology, hiring new staff, or exploring new markets, strategic growth plans can propel your business to new heights.
Forecasting: Develop a financial forecast to predict future revenues and expenses. Unlike a budget, which sets limits based on expected performance, a forecast provides a dynamic outlook that can be adjusted as your business evolves.
A healthy start to the new financial year includes conducting a timely health check of your business using our Healthy Accounts, Healthy Business guide. This will help you identify potential issues early and maintain robust financial health.
Embracing the Transition: Moving Forward
The transition from one financial year to the next is a pivotal time for reflection and planning. As you close the books on the current year, remember to look ahead with optimism and a clear vision for growth. The end of the financial year is not just about wrapping up—it’s about preparing for what’s next.
At KOnsult, we believe in moving forward, not looking back. Our new resources, including the EOFY Checklist and the STP for EOFY checklist, are designed to support you through the year-end process. Additionally, our Healthy Accounts, Healthy Business guide will help you start the new financial year on a strong footing.
Thank you for trusting KOnsult with your business needs. Together, let’s move forward with confidence and clarity, embracing new opportunities and achieving our shared goals. 🌟
Kylie Osborne
Founder & Managing Director
KOnsult Business Services
Empowering your business journey with clarity and confidence.
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