Getting your business ready for the new financial year
The new financial year is creeping up on us (that’s right people, just 4 weeks to go), so now it’s the time to get your ducks in a row and start planning for the new year a head. To help get you business ready, I have put together 3 top tips for you to utilise when getting things on track.
Get and Stay Organised
This one sounds obvious, doesn’t it? Having an action plan that ensures you stick to deadlines and looming payments can have a massive impact on the amount of stress you are under and give you the chance to get on top of everything. Firstly, keep your plan simple. Having a monthly or quarterly plan can have a massive impact, highlighting key dates and amounts for you to pay.
Use technology to your advantage
Being a business owner means that you wear a lot of different hats, everything from manager, bookkeeper, HR and admin- the list goes on. These are all time-consuming activities that seem to consume your days. Rather than wasting your valuable time, use the different software’s that are on offer to control some of these tedious tasks. I personally love Receipt bank as an add on to Xero to help organise and track expenses. This software allows owners to take a photo of their invoice/receipt an upload it straight to your inbox which can automatically be uploaded to Xero. If there is one thing you do this financial year it needs to be digitalising your administrative work, the time you save is invaluable.
Know your cash flow
Although the past year has thrown some curve balls at ALL businesses, but using your knowledge of your business and its cash flow to prepare a budget for the coming year is a great idea. Like everyone else, there are times throughout the year when funds can be tight – if you are aware of when these crunches on cash flow may occur, you will be able to plan for it. Use the knowledge of your company to stay a float during the trickier months.