8 Tips To Help You Plan For The End of the Financial Year

by | Jun 13, 2018

It is hard to believe that the end of the financial year will soon be here. I am not even sure how that happened, but that is mainly a testament to how productive and busy we have been over the past twelve months. And, I have no doubt that the next twelve months will be the same.

During this past year, we have had the honour of assisting many businesses, enabling them to sort out their finances and get ready for the approach of the end of the financial year. Because of our sound advice, and their hard work, they are now geared for success and growth. However, we believe that every business has the ability to succeed and much of it comes down to their organisational abilities. Here are the some of the top tips we recommend to help you (and your business) get through the end of the financial year in one piece and make it all go as smoothly as possible.

Start Today

Stop procrastinating! It is so easy to put things off until tomorrow, and that only emphasises the mad rush you will experience when the 30 June hits. I am guessing there is something you could do today, no matter how small, to get the ball rolling. Sort out your receipts, enter your data into your accounting system, do some filing – even tackling just one of these tasks (or something similar) will mean that there is one less thing to do tomorrow.

Know Where You Stand Financially

If you plan on making some big-ticket purchases before the end of the year is out, make sure you can afford them. Familiarise yourself with how much is in the bank account as of today. Know what payments you have coming in and going out in the near future. Always check that you have enough funds left over to cover expected tax, BAS, superannuation, accounting costs and other end of financial year charges. Don’t make any spur of the moment purchases until you know exactly where you stand. However, do bear in mind the Government’s $20,000 tax deduction initiative which covers all purchases up to 30 June 2018.

Familiarise yourself with the ATO Requirements

Each year the ATO changes their rules and regulation, and it is up to you, as a small business owner, to know precisely what these changes entail. Check out their website and make sure you are ready to answer any questions your accountant or the ATO has. Understanding the current rules and regulations, including all workplace laws, will make you more informed, which is always a good thing.

Get Your Paperwork in Order

No one wants to deal with a pile of receipts that have never even been glanced at since the day they were placed in a shoe box. Go through all of your paperwork and make sure that everything is in order. The more organised you are, the better it will be for everyone in your company. Make sure all of your spreadsheets and accounting systems are up to date. No one wants to be running around at the last minute trying to find documentation or scout for information that should already be complete. It should be a time of celebration rather than a time of added pressure and stress.

Follow Up Any Outstanding Debts

Check to see how much money is owed by your debtors and ask them to settle before the end of the financial year. And, always as a matter of course, settle any late payments you owe. If companies are unable to pay for whatever reason, you may be able to write their debt off. Don’t automatically assume they won’t pay until you have followed all of your debt collection tactics and have spoken to them personally.

Create a Business Plan

The end of the financial year is not just the time to get your finances in order. It is also a time to reflect on the past year and to consider how you can improve over the next 12 months. Making a business plan is necessary, but it can be difficult when the stress of getting your accounts in order is taking up all of your time. Give yourself space to focus on the new financial year ahead. How can you boost your marketing? What can you improve? How can you measure your business success? What didn’t work as well as you thought it might? Put your thinking cap on and have some fun with it.

Have an End of Financial Year Sale

Sales don’t just benefit your customers. They enable companies to get rid of old stock which they want off their shelves before the year is out. Start the new financial year afresh by getting rid of products and boosting your cash flow at the same time. It will help you focus and fine-tune your plans for the new year ahead. Get rid of what isn’t selling great and look for innovative new products that can replace it.

Create a Cash Flow Forecast

Every business needs a cash flow forecast so it can anticipate the ebbs and flows that occur. Regardless of your niche market, there is always a time when things go a little quiet. This information is helpful, particularly for your marketing plans, as you can brainstorm ways to help boost your cash flow during these periods and know that you won’t run out of money mid-year.

The team at Accounts Studio wish you all the success for the new financial year ahead. If you have any bookkeeping questions you would like to ask, or need help in getting your bookkeeping up to date, don’t hesitate to reach out to us. We love inspiring entrepreneurs and creatives in business and look forward to helping your business grow.

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What our clients are saying...

Sophie is an incredibly savvy business owner, for whom I have great respect. She has always been very clear and detailed in her instructions, is always very focused on her business objectives, and displays a business model that you can aspire to as a small business owner. I have no hesitation is recommending her work at The Accounts Studio.

Kristy Smith
Director, Virtual Elves Outsourcing Solutions

2017-10-13T09:30:59+00:00

Kristy Smith
Director, Virtual Elves Outsourcing Solutions

Sophie is an incredibly savvy business owner, for whom I have great respect. She has always been very clear and detailed in her instructions, is always very focused on her business objectives, and displays a business model that you can aspire to as a small business owner. I have no hesitation is recommending her work at The Accounts Studio.
I have had many a chat with Sophie on the networking circuit. Sophie has a strong profile and reputation within business circles and I wouldn’t hesitate to recommend her to any soho needing direction, support and encouragement. I have a passion for educating small business myself and wholeheartedly support Sophie in her endeavour to actively reduce costs for those who may be unintentionally making uninformed decisions relating to business management. Many business owners are unnecessarily outsourcing tasks which are misdirected or can be achieved inhouse.

Gai Hook
Virtual Sales Strategy

2017-10-13T09:32:05+00:00

Gai Hook
Virtual Sales Strategy

I have had many a chat with Sophie on the networking circuit. Sophie has a strong profile and reputation within business circles and I wouldn’t hesitate to recommend her to any soho needing direction, support and encouragement. I have a passion for educating small business myself and wholeheartedly support Sophie in her endeavour to actively reduce costs for those who may be unintentionally making uninformed decisions relating to business management. Many business owners are unnecessarily outsourcing tasks which are misdirected or can be achieved inhouse.
I’ve worked with Sophie as a contributor to Confessions of a Mumpreneur – a fantastic book that she dreamt up, edited and produced. Apart from producing fabulous books that help so many others realise their entrepreneurial dreams, Sophie is an astute business person who is making her mark on her own terms. Watch this space – I’m sure we’ll see and hear a lot more from Sophie Andrews in the years to come.

Jennifer Dalitz
Gender Diversity expert, Career Coach, Award winning blogger on women, work & leadership @ www.TheSheEOBlog.com

2017-10-13T09:50:01+00:00

Jennifer Dalitz
Gender Diversity expert, Career Coach, Award winning blogger on women, work & leadership @ www.TheSheEOBlog.com

I’ve worked with Sophie as a contributor to Confessions of a Mumpreneur – a fantastic book that she dreamt up, edited and produced. Apart from producing fabulous books that help so many others realise their entrepreneurial dreams, Sophie is an astute business person who is making her mark on her own terms. Watch this space – I’m sure we’ll see and hear a lot more from Sophie Andrews in the years to come.
I got to know Sophie through my previous employer where Sophie still handles the bookkeeping side of things. While we worked together I have found Sophie very accurate, punctual and very pleasant to work with. And recommend her highly.

Dianna Holwerda
Client Service Manager, John Sergeant Associates Pty Ltd

2017-10-13T09:55:05+00:00

Dianna Holwerda
Client Service Manager, John Sergeant Associates Pty Ltd

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I was recommended to The Accounts Studio at a networking event and have been working with them for the last 2 years. The team have all been very approachable and available – two things essential when it comes to understanding your accounts! I now no longer have the stress every three months of getting my BAS correct and even better I have a clear understanding of where my company is financially! Thanks Sophie and TAS team!

Eleni Mitakos
Galmatic Pty Ltd

2017-10-13T04:16:02+00:00

Eleni Mitakos
Galmatic Pty Ltd

I was recommended to The Accounts Studio at a networking event and have been working with them for the last 2 years. The team have all been very approachable and available – two things essential when it comes to understanding your accounts! I now no longer have the stress every three months of getting my BAS correct and even better I have a clear understanding of where my company is financially! Thanks Sophie and TAS team!
I have really enjoyed working with you guys and look forward to a successful 2013. From the moment we started with TAS I have seen value. The figures are accurate, you are accessible (and approachable!) and most of all – you are cool people!

Chris Du Plessis
Managing Director, Origin Meat Pty Ltd

2017-10-13T04:20:03+00:00

Chris Du Plessis
Managing Director, Origin Meat Pty Ltd

I have really enjoyed working with you guys and look forward to a successful 2013. From the moment we started with TAS I have seen value. The figures are accurate, you are accessible (and approachable!) and most of all – you are cool people!
"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful"

Fast Ed
TV Chef from Better Homes & Gardens

2017-10-13T04:23:15+00:00

Fast Ed
TV Chef from Better Homes & Gardens

"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful"
Sophie has been a tremendous support and guiding light for my business. I have continually succeeded when acting on her advice and by using her services. Her products are fantastic and her ideas and accuracy is out of this world. I would never hesitate to recommend Sophie’s services and I would invite anyone to contact me for a referral.

Belinda Grundy
GM, Property Styling Online and BG Property Styling

2017-10-13T09:21:50+00:00

Belinda Grundy
GM, Property Styling Online and BG Property Styling

Sophie has been a tremendous support and guiding light for my business. I have continually succeeded when acting on her advice and by using her services. Her products are fantastic and her ideas and accuracy is out of this world. I would never hesitate to recommend Sophie’s services and I would invite anyone to contact me for a referral.
Sophie has the spirit of the Entrepreneurial Business Owner! Whether she is running a successful single family website, creating a product for small business owners or running her own bookkeeping agency she is always right on track as to what small business needs. If you want to speak to someone who not only knows what business owners are going through-she also does something about it- then don’t miss out, connect with Sophie! She is someone who can not only think outside the square- she has true strategic thinking; which is often spoken about but is rarely truly placed into action.

Sue Heins
Councillor at Warringah Council

2017-10-13T09:25:16+00:00

Sue Heins
Councillor at Warringah Council

Sophie has the spirit of the Entrepreneurial Business Owner! Whether she is running a successful single family website, creating a product for small business owners or running her own bookkeeping agency she is always right on track as to what small business needs. If you want to speak to someone who not only knows what business owners are going through-she also does something about it- then don’t miss out, connect with Sophie! She is someone who can not only think outside the square- she has true strategic thinking; which is often spoken about but is rarely truly placed into action.
Sophie is an amazing business woman. She is able to take the complexities of business and break them into manageable pieces for small and home based business owners to work with. She’s clever, creative, supportive and very generous. She’s the reason that so many small businesses are doing so well. If yours is a small or home based business then Sophie is someone you need to know.

Anne Maybus
Writer and Content Creator, Clever Streak

2017-10-13T09:26:35+00:00

Anne Maybus
Writer and Content Creator, Clever Streak

Sophie is an amazing business woman. She is able to take the complexities of business and break them into manageable pieces for small and home based business owners to work with. She’s clever, creative, supportive and very generous. She’s the reason that so many small businesses are doing so well. If yours is a small or home based business then Sophie is someone you need to know.