5 Tips to prepare for EOFY
There is only a few weeks until the end of the 2019 financial year. By this time, you are probably thinking of getting your current financial year house in order, but wouldn’t it be fantastic if you could also get on top of your cash flow and taxes for the next financial year in the process? If you’re reading this, it’s very likely you spend time thinking of all the things in your business you would like to manage better - cash flow, paying too much tax and having money to improve and enjoy your business.
There is no better time than now to get control by taking a few simple steps to help you get on track so that you can live the financial future you desire.
#1: Create your cash flow plan
It’s not uncommon to find that you’re overspending on any given month. You’ll want to make sure that you do something about it so it doesn’t become a habit. Take the time to look at the monthly expenses to check what can be reduced, develop a way to track your spending.
Send the list of your regular expenses to us and your accountant can discuss with you which can be considered for depreciation, moved to the next Financial Year or written off.
#2: Set your BHAG
Take charge of your Profit & Loss Statement and get to know where the business is going well or could do better - then set a BHAG (Big Hairy Audacious Goal).
Do you want to attend an executive program at Sydney University, build a new website or provide bonuses to your key team members (and yourself)? Setting a BHAG is a great way to get you and your team focused and motivated to succeed!
#3: Step outside and plan
You know what they say about failing to plan… It’s a sure-fire plan to fail. Make it a point to book a day away from the daily distraction to create - and follow - a business plan. Stepping away from your business is smart planning, it will give you clarity and room to focus.
#4: Seek advice from a professional
While your first inclination may be that you can do this on your own, think about whether this has worked for you in the past. You’ll also want to consider that you might not have the time, interest, or expertise to plan for your financial future in a way that actually allows you to realise your goals.
#5: Start tax planning now
Tax planning is a strategy that the most efficient and profitable businesses undertake each year, you can be one of those people. Take control of your business and how you can minimise the tax you pay, budget for tax payments 18 months in advance, take advantages of rebates, allowances and provisions and be comfortable there are no nasty surprises come end of financial year.
Let 2019 be the year you get organised and enjoy your business! For less than the cost of a coffee a day you can be on top of your tax planning now. There are a few time slots remaining for tax planning consultations. Contact our office today to schedule a consultation.
Founder & Director
Two Sides Accounting
02 9030 0269