17th July, 2024
As we move into the new financial year, now is the perfect time to shake up your routines and inject new energy into your business.
While personal new year resolutions could involve gym memberships or learning guitar, business resolutions for the new fiscal year might include upgrading your technology or taking a fresh approach to financial management.
Here are six ways to set yourself up for success in FY24/25.
The biggest game-changer for the new financial year? Moving all your operations online.
With cloud systems, your work tools and business data are accessible to you, your team and your business advisors — on any device.
That level of secure access lets you finish paperwork on the go, reduce manual tasks and double handling, and minimise errors.
More importantly, you can focus on what you do best: growing your business, crafting your products, and providing top-notch services, while bookkeeping, billing and communication run quietly and efficiently in the background.
Use the tech that’s available to minimise the disruption of your work/life balance.
Doing things as you go is the biggest time saver for any business.
If you can get your admin done as it comes in, it won’t take up your weekends or become a huge project at BAS or tax time.
This is particularly relevant for high volume transaction businesses.
If you’re doing a lot of smaller jobs, find a tool that will allow you to quote and invoice on the go, with multiple options for payment so you’re getting your income faster.
This also provides you with the most up to data on which to formulate your decisions and future strategies or track how a decision is impacting your business.
For businesses that want a holistic view of their financial status, adopting a platform with reporting on cashflow and forecasts can be invaluable when you’re making decisions for the new year — particularly if you’re looking at making investments or scaling.
It’s important to understand your position so you can choose how to get the best outcome.
If you have employees, streamlining payroll processing can greatly reduce your workload, especially if your business is growing.
Resources are available to help electronically onboarding new employees and create pay runs, as well as completing Single Touch Payroll (STP) reporting and super payments to help you stay compliant.
Know more to do better.
If you’re new to business you might also be new to financial management and HR and tax regulations.
Learning the ropes can feel daunting, but time invested in building your knowledge pays off in future efficiency and growth.
Search online for guides that cover everything from basic accounting and employee management to investment strategies and starting a new business.
You can also ask your bookkeeper or accountant for their expertise.
My balanced formula for success is simple: the best systems + the best support = success
It’s important to have a support network around to support you.
Generally, you go into business because you love what you create or deliver, not because you love elements like compliance.
Identify any weaknesses and plug the gaps with people who have the knowledge and skills.
Regular conversations with your advisor along with an advanced planning session at the beginning of the financial year can help you set clear, achievable goals and develop step-by-step strategies to achieve them.
It’s about creating a roadmap for the year ahead, identifying opportunities, and pre-empting challenges instead of scrambling to fix issues when they arise. Proactive, not reactive.
My major tip is you didn’t go into business to do the bookkeeping — so have a great bookkeeper.
You don’t have to completely restructure your business to make a difference – small, sustainable changes can be more effective in the long term.
Use technology to streamline operations and learn everything you can about accounting and business management.
Taking a proactive approach with the help of your business advisor can make a real difference, setting you up for a successful year ahead.
For more information, head to our EOFY hub.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.
MYOB is not a registered entity pursuant to the Tax Agent Services Act 2009 (TASA) and therefore cannot provide taxation advice to clients. If you have a query concerning taxation including filing your BAS return or annual tax statements then you should consult with your accountant or other registered tax adviser.