As the end of the financial year approaches, it’s a good time to review and evaluate your current business practices. You first need to get organised and make a plan for the new year. There is no point going in blindly and hoping everything works out. By starting here you can ensure everything runs smoothly for the next financial year.

Make a Financial Year Calendar

In July, make a list of all your bills, expenses and expected payments, and the due dates for the upcoming financial year. Then set yourself reminders ahead of time to ensure everything is paid on time to avoid any additional overdue fees. This will allow you to plan and save as the year goes on. If doing the whole year at once seems overwhelming, you can do this on a consistent monthly or quarterly basis.

Set Goals

Write down what you what to achieve financially in the new financial year. This can be an increase in profit or reduction in expenses, a specific amount to aim for or a certain amount in savings. Once you know what you’re working towards, you can make a realistic budget for the year. This will allow you to make conscientious business decisions to keep on track and increase bottom line. To help, look at ways to cut unnecessary spending such as buying in bulk, sales, negotiating lower rates or changing providers.

Get Organised

Organisation also needs to be done in a physical and literal sense. If you still keep paper invoices, receipts or other documents, sort through them in July. As you do, declutter so you are only keeping the necessary records. The ATO often requires certain records to be kept for up to five years for auditing purposes. These should be stored away until there is no use for them. So ensure you are keeping track of what is still relevant.

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Invoice as Early as Possible

While you may not be able to complete this right at the start, it is something to keep in mind over the year. Invoicing early ensure you are paid in full and on time. The sooner a client receives their invoice the more likely you’ll get paid sooner. Also get in the habit of following up with your clients for late payments, in a friendly manner. If you are finding it difficult to chase up unpaid debts, consider utilising a debt collection agency to get on top of those stubborn and consistent late payers.

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