Are you ready for the End of Financial Year?

Posted on July 1, 2015 by Nikki Lane

2015 is flying past and the end of financial year is upon us.

The 30th of June means we all need to do our tax but what else does EOFY mean for your business?

Here are some things you might like to think about as the financial year draws to a close…

  • This is a great time to pause and reassess your business, with a focus on finances. How has your financial year been, have you invested in your business, has your business grown at the rate you hoped, have you made the money you envisaged, are there any areas where you can save money, what will you do differently next year?
  • Look at how your business spends money – go through your accounts and make sure you are clear on where outgoing money is being spent.
  • Are your invoices up to date and do you have a system for managing them? If you don’t have a system now this is a great time to implement one for the next financial year (you’ll be grateful next June!).
  • Do you have a good filing system for your receipts and other financial documents? If you struggle to find all the information and paperwork you need to complete your tax, now is the time to create a better system and ensure you don’t have the same problem next year!
  • This is a good time reassess you business insurance. Are you adequately covered if something goes wrong? Are you getting a good deal from your provider? Are you covered if something happens to you and you can’t work for an extended period of time?
  • Has your accountant been helpful during the year or do you only hear from them at tax time? If you aren’t happy with their services this is an ideal time to change. Ask local small business for recommendations.
  • Does your business need any new equipment? There are lots of EOFY sales on plus there may be financial benefits in terms of tax if you buy before the end of June.

I’m all for anything that encourages small business owners to stop and take stock of their business. So this EOFY why not grab yourself a hot chocolate, sit down and think about what areas of your business have gone well and where there is room for improvement.

How’s your EOFY going?

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