EOFY madness is ramping up quickly with the new financial year just around the corner. For most, this time of year brings with it feelings of both excitement and dread. To lighten the load, Steph Pase, founder of Steph Pase Planners and the woman behind the popular justanothermummyblog shares her top tips for starting the new financial year with a clean slate.

Get organised: a tidy desk, a tidier financial record

Imagine starting the new financial year with a clutter-free desk and a well-organised system for your records.

Take some time to declutter your workspace – say goodbye to those towering stacks of papers. Next, ensure that all your invoices, receipts and expense reports are neatly arranged and easily accessible.

Think of it as cleaning out the cobwebs and stepping into the new year with a fresh perspective!

Review, reflect, reset

Before saying farewell to the financial year, take a moment to review your business performance.

Dive into your financial statements and compare them with previous years. Are your sales trending upward or downward? Celebrate your achievements and analyse any areas that need improvement.

Think of it as a highlight reel that helps you plan for an even better future.

Make your accountant your best friend

Your accountant is like a financial wizard, ready to guide you through the maze of tax deductions and regulations. Sit down with them for a heart-to-heart discussion about your business’ financial position. They can help you uncover hidden opportunities and ensure you’re taking advantage of all the tax benefits available.

It’s like having a trusty sidekick to navigate the financial landscape.

Set goals that make you excited!

The new financial year is a blank canvas for your dreams and aspirations. Set inspiring goals that make you feel excited and motivated.

For example, aim to increase your customer base by 20 per cent or launch a new product line. Break these goals down into smaller, actionable steps and celebrate each milestone along the way. Remember, it’s the journey that counts!

Fine-tune your financial roadmap: like a GPS for success

Think of your financial roadmap as a GPS guiding you toward your business goals. Take a close look at your revenue streams and expenses. Can you identify areas where you can reduce costs or explore new income streams? Adjust your plan accordingly to ensure you stay on track.

Just like recalibrating your GPS when you encounter a detour, your financial roadmap keeps you heading in the right direction.

Embrace technological marvels

Technology can be your superhero, saving you time and effort in managing your finances. Consider streamlining your processes using accounting software, digital invoicing tools, or expense-tracking apps. This way, you can focus on growing your business instead of drowning in paperwork.

Think of it as having a personal assistant who keeps everything in order.

Nurture your financial knowledge

Stay up-to-date with changes in tax laws, financial regulations, and industry trends. Attend workshops and webinars, or join industry-specific groups to expand your knowledge.

By staying informed, you’ll be better equipped to make smart financial decisions that benefit your business. Think of it as investing in your own financial superpowers!

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Now read this:

https://www.kochiesbusinessbuilders.com.au/small-business-ombudsman-flags-important-eofy-changes/