You have been busy managing daily business operations and satisfying clients. And time passed so fast while doing all this that the end of the financial year is here. Does that give you deadline blues? Use these tips to prepare your business for the crucial period.
- Pay Debts: Ensure that you are up-to-date with all payments and have bills accounted for. While some clients may be easy to work with, you might need to chase others who go slow in clearing invoices.
- Bid Goodbye to Bad Debt: Have you been chasing clients for clearing invoices from the financial year? In that case, you should get help from accountants or debt collectors or write off those debts. Invest in accounting software to automate chasing payments by sending automated reminders or online invoices to get paid on time.
- Go for Autumn Cleaning: Changes to minimum wages happen over time. So, if there’s a rise in the minimum value, you should start planning on how to cover that extra expense. This becomes important if you have a bigger workforce, working on lower wages.
- Be Aware of the Compliances: You should always stay up-to-date with the latest legislative and tax changes that will affect your business. If you can’t find enough time to keep in touch with all that, hire a professional Toongabbie accountant for the job. They will help you to capitalize on a good chance.
- Goals: Did you achieve everything you planned the last year? If yes, then good. If not, then figure out how and why you missed it. Using the data, create a list of new goals for the upcoming year and write them in one place that motivates you when your business develops. Also, review your goals daily to avoid getting side-lined.