Nov 22

10 tips for the new financial year

Posted by Mitch Uzelac at Friday, November 22, 2013

What can do to ensure a smooth-running, stress-free 2014 financial year? Here are my top tips:

1. Pay your tax on time: As simple as it may seem, this is crucial if you want to avoid the penalties of late payments.

2. Establish a budget: Take some time now to plan your budget for the year. Not your scene? This is something we can assist you with – and it’s cheaper than you think!

3. Get on Xero: Don’t just believe us… we are one of 200,000+ businesses globally onboard and it really is as good as they say. Try your free trial here. Already on Xero? Great! Only six more top tips to check off your list!

4. Reconcile reconcile reconcile!: The more often, the better. It will save you time and confusion later down the track.. and let’s face it, it’s pretty satisfying!

5. Stay on top of outstanding debtors: If there’s no cash in the bank, this could be a reason why.

6. Don’t make blind decisions: Seek advice before making any major decisions, like purchasing new equipment.

7. Use the correct account: Ensure you use the right bank account for your purchases, if you can, keep your business and your personal purchases as separate as possible.

8. Get the best deal: Review your company’s finance and loan situation to make sure you are getting the best deal that you can.

9. Are you adequately covered?: Make sure you are covered for the risks associated with your business. Talk to your adviser if you’re unsure.

10. Use payroll software: With so many good options out there, there is no need to be wasting your time with antiquated payroll systems. This also goes for job management, communications, accounts and document storage. Xero has a great payroll system inbuilt.

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