End of financial year can be a stressful time. But think of it this way-you’re running a marathon, it’s not far from the finish line, you just need to push through to achieve your personal and business goals.
Here’s a quick checklist to help you get your financial affairs in order before the 30 June deadline. For your taxation obligations, please consult a registered tax agent.
1. Undertake analysis.
To see if you will achieve your budget in the last quarter. If you haven’t made budget, consider what you can do? Cut costs? Improve sales? Or lower your expectations?
2. Review your financial performance from July to end of financial year.
The best report in any accounting software is multiple period profit and loss. This report compares monthly performance so you can see which month is the best and which one is the worst. It also helps you to monitor recurring costs and highlights if costs have spiralled in any particular month.
3. Cash is king!
Review your cash flow to include big ticket items so you don’t get any surprises towards the end of the financial year. Make sure your cash flow includes last quarterly BAS; last quarterly super; FBT; company tax return; personal tax return; accounting and/or auditing costs.
4. Business plan.
Review or prepare your business plan for the next year and 5 years.
Review your budget and cash flow for next year and 5 years. Assess your goals. What do you want to achieve in the next five year.
Assess your goals. What do you want to achieve in the next five years? Retire? Achieve $1M turnover or just slow down?
How much do you want in your super fund when you retire? Make sure you include your family or partner in the plan.
“Now is a great time to review your personal and financial goals. Make an appointment with your accountant to discuss what you can do better in 2014-15.”
5. Book an appointment with your accountant.
Now is a great time to review your personal and financial goals. Make an appointment with your accountant to discuss what you can do better in 2014-15. As management accountants, we are trained to help you achieve your business and life goals.
If you are a businessman who has been running a business for 40 years, we can help you plan for your retirement.
If you are a start-up, we can advise you on how to secure funding and what’s the best company structure to get your project successfully deployed. If your business is experiencing rapid growth, talk to us about monitoring your financial and business activities so that you don’t get any unwelcome surprises.
Planning for your future is important. It’s about running a well-paced race which will bring you happiness and prosperity.
Tailored Accounts has been proudly serving the Canberra business community since 2009. We provide a wide range of management accounting services including outsourcing accountants and CFOs and consulting and training. Tailored Accounts was one of the first accounting firms in Canberra to use Xero and one of three Xero Gold Partner bookkeepers in town.
Harry Hoang is Tailored Accounts’ Executive Director Glebe Park Apartment Ground Floor – 186/15 Coranderrk St, Canberra ACT 2601 E: [email protected] P: 02 6169 6763 M: 0434 196 607