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How to prepare your business for the new financial year

Finance & Money

Posted on Tuesday, March 23, 2021

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How do I improve my business? How do I ensure growth? Stepping into the new financial year, these may be some of the questions running through your mind.

 

Although this can be a stressful time, taking charge of your finances early on will ensure you breeze through it! Use this checklist to get started.

 

Get organised

 

  • Check all the financial documents you have and sort them according to type. If you use a physical file, go through all your financial documents, including receipts, bank statements, etc, and file them in an organised manner. If you keep a digital trail of these documents, sort out the folders on your computer or cloud storage.
  • Set up your filing system. This can either mean filing away all your documents in physical file or scanning and saving them in files on your computer. If you choose to use physical files, put them in a safe and if you use a computer, create strong passwords. Consider using cloud storage, in case your computer crashes, and an online financial-management tool like Sage.

 

Review your finances


The best way to check where you should make any changes is to look at how you managed your money over the past year. Review your financial statements to check:

 

  • What you spent most of your money on
  • Your insurance plan
  • How much you paid in fees or interest
  • How much you spent on supplies or stock
  • Any recurring and unnecessary subscriptions
  • That you’ve paid all your bills
  • That you have sent out your invoices for any work you’ve done
  • The current interest rate of any loans you have

 

Once you’ve assessed your statements, redo your budget by looking at where you can cut back. See if you can save costs by negotiating with your suppliers for lower rates, cancelling subscriptions or changing your bank to save on fees.

 

Find ways to save time


More time means you can focus on your business better. Some ways to maximise your time include:

 

  • Using a finance app like Wave, which can help you budget and manage your expenses, invoices and payments.
  • Creating templates for frequently used documents such as invoices
  • Automating fees you need to pay instead of manually making payments
  • Immediately file away important documents so you don’t misplace them

 

Get professional advice


The best way to check if your business is healthy is to ask a professional. Write down a list of questions for your bookkeeper or accountant so you can ensure you don’t miss anything important. Some questions may include:

 

  • What documents should I gather to prepare for my yearly taxes?
  • How can I cut costs?
  • Am I wasting money on anything?

 

If you don’t have an accountant or bookkeeper, consider using one, even as a one-off, at the end of each financial year.

 

Become tech-savvy

 

Using technology can save you time and money. Some ways to better use it in the new financial year include:

  • Using online banking or a banking app. This will help you to manage your money on the go and you’ll be able to do and accept payments, action refunds and view transactions.
  • Using price comparison websites like Price Check, to see if you can save on stock or other items.

 

Keep track of your purchases with receipt-scanning apps like Concur Expense or by taking a picture of them with your smartphone.