13/07/2018

Starting the New Financial Year on a High

Starting a new financial year on the right foot is as important as ensuring you previous year is closed off. We have spoken to many business who leave monitoring their business until the end of the year and by then it certainly be too late. We suggest to start on the right foot and ensure you have the right path for the year ahead.

Budget: ensure that you have looked at your budget and what your expectation is for the upcoming year. This will allow you to adjust as you go to ensure you are taking advantage of the moment. Don’t be afraid to introduce rolling forecast concepts so that you can track where you are to where you will be finishing

Technology: take time to see how you can work smarter, with the latest applications directly linking to Xero you have a wide range of applications available to you to make the jobs easier. Whether it being a rostering application, collection management or digital archive it is wonders how they can help

Review: don’t be afraid of wanting to review your accounts every couple of months, businesses don’t spend enough time understanding how they are going throughout the year. Our customers take advantage of our periodical health check whether face-to-face over a hot coffee or over the phone, they know where their business is and what they need to change.

Cashflow: along with your budget, forecast your cash position and know early on if you need help managing bills and receivables. You can make changes before it is too late and then miss critical lodgments which incur penalties and interest charges

If you are not getting the right attention from your accountant or bookkeeper speak to us on how we can help you with your business. A chat doesn’t cost anything but can lead to a more efficient way of thinking.

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Posted in: Bookkeeping