End of financial year and your small business

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Whether this is your first year in business or your 21st, the end of the financial year is a good time to check in and see how you are tracking financially. Here are some tips for getting the most out of the rest of this financial year and to getting your finances in peak position for the new year.

Boring Bits of Business: 10 Tips that Could Save You $$ at Tax Time

Julie Wise of SilverOwl has written about the 10 boring bits of business that business owners can, and should, review to ensure that they get maximum benefits from the tax office. Prepare these boring bits of business NOW to maximise the $$ the taxman will leave in your pockets. Read the story here.

Top 5 Personal Finance Resolutions for the Financial New Year

The start of a new financial year is as good a time as any to assess your financial position and make some resolutions for the year to come. Here is a list of resolutions (from Equitas Wealth) to help get your personal finances in order for the next 12 months.

New Financial Year Sales Tips!

The new financial year is a great time to reflect on what we have achieved for the year and set some new sales targets for the new financial year. Frances Pratt of KISS to Sell looks at how to help you get there with these sales tips! Read her top five tips here.

How to Set Financial Goals and Objectives

It’s that time of the year when businesses take a long, hard look at their accounts and evaluate the success of the financial year that is ending. So how can you better set financial goals and objectives for your business?

Preparing a Budget: Top Tips for a Winning Small Business Budget

You’ve got your receipts and bank transaction documents, along with your bookkeeping software open.So, you know the history of your financials. But how do you even begin the mountainous task of preparing a budget?

Maximising Sales, Profit and Cash

Sales, profit and cash are key issues in management. If you get these working, you’re well on your way to a sustainable business with capacity to grow. Sue Hirst from CFO On-Call explains break-even sales, fixed costs, gross margin and cash flow. Read her article here.

 

It’s End of Financial Year. Speak to Your Accountant… Today!

It’s tax time, and a great time to ask your accountant about what you owe and what expenses you can claim as deductions. Don’t wait. Speak to your accountant today. If you wait until after the financial year has ended, it could be too late to do anything, other than minimise tax on what’s already happened in your business. That may not be to your greatest advantage.   Here are six questions you could ask your accountant:

  1. What’s my tax hit going to be, and what can I do in by 30 June to try to legally minimise that?
  2. What deductions could I be making that I haven’t thought about?
  3. Do I need to be looking at getting in some sort of new equipment or a capital purchase to try minimise my tax?
  4. If I’ve got a large customer I need to bill in June, is it better from a tax point of view that I maybe bill them in July?
  5. Do I want that income in the next financial year based on this year may have been a bit of a bumpy year, or if this is a quieter year compared to the year before or what may happen next year.

So, pick up the phone.

About the Author

HerBusiness (formerly Australian Businesswomen’s Network) is a membership community that provides education, training, resources, mentoring and support for women business owners.