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Ten Tips for a Happy New Financial Year

The team at SP Solutions have offered their top 10 tips on how your business can have a happier new financial year.

  1. Get professional help to know your business better. Don’t wait to get to know your business better. If cash flow, taxation and forecasting aren’t your areas of expertise, contact SP Solutions to help.
  2. Compare the current financial year against the previous year. Compare your 2017 tax year against previous years to pinpoint the positive and negative trends. When were your peak periods? How well did each of your products/services perform? Talk to a professional at SP Solutions who can help identify which ones deliver the healthiest returns, help you with managing cash flow, inventory and staying on top of debtors.
  3. Familiarise yourself with key compliance changes for the new financial year Are your systems prepared for any industry specific tax changes coming into force at July 1?
  4. Ensure your BAS and superannuation statements are lodged and paid by 28 July. Be sure to pay your super guarantee contributions for the fourth quarter of 2017 by 28 July 2017. If you or your clients miss this deadline, you must submit a Superannuation Guarantee charge statement to the ATO.
  5. Did you take advantage of deductions, write-offs and rebates before June 30: if you didn’t this year then you should bare this in mind for next year
  6. Did you write off bad debts before June 30 if any debts have been outstanding for more than 12 months and/or are considered non-recoverable, you might have been able to claim a GST credit to write them off as an expense.
  7. Back up your data to ensure compliance with record-keeping requirements. An ATO requirement is for businesses to keep detailed business records for a minimum of five years. Make sure you have a secure data back-up system. If you don’t currently use accounting software you should speak to our Xero certified trainers about how cloud accounting can benefit you.
  8. Get on top of your books and diarise dates to review them. From now on, lock in time to update your data entry and records at least once a week. If you’re already using Xero then you should already be in the habit of updating on the move!
  9. Keep your business house in order. Your transition to a happier financial year will be more seamless if your financials are well organised and compliant. Not on Xero? We’ll convert your accounts from MYOB or Quickbooks to Xero in no time. Simply send us your MYOB or QuickBooks data file and we’ll handle the rest.
  10. Invest time working on your business rather than in your business. Speak to us about formulating a refreshed business strategy for FY2017/2018. You’ll thank us this time next year! SP Solutions (03) 9355 0500