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EOFY = the Perfect Time to Plan

 In Blog

It’s the end of the financial year, and let’s imagine that, in a perfect world, you’re not scrambling to get your financials sorted. Why?

Because you’re our client, of course. And our clients receive proactive communication and support through newsletters, emails, phone calls and onsite meetings with our accountants and/or bookkeepers all year round to ensure you’re prepared come tax time.

So, back to this perfect world where you’re prepared, where you’ve had constant support throughout the whole year and you’re not feeling the tax overwhelm or stress—this is the perfect time to plan.

As cliché as it sounds, failing to plan really is planning to fail, and it’s never truer than in business. Most accountants focus on the past at this time of year; and while compliance and taxation are the primary focus, this data can be used for so much more.

At Trinity Accountants, business advisory truly sets us apart. We analyse last financial year’s performance and find innovative solutions to improve your business operations, moving you closer to your business and lifestyle goals.

With over 30 years in global finance and entrepreneurship, we know how to start, scale, sustain and sell successful businesses. It’s this real-world experience, combined with over 11 years in accounting that drives us to do more.

Partnering with the right accountant means you not only have your financials sorted, but you know what your future looks like as well.
So, here are some tips to start planning!

 

1. Update your business plan.

What did you plan on achieving last year? Did you achieve that? If not, why not? Are these goals still relevant, and does your business plan reflect your current business structure?

It’s important to set priorities, track the growth and performance of your business and be critical when it comes to performance, productivity and profit! At tax time, we’re all about the bottom line, so why not use this data to analyse what’s working in your business, what needs improvement and set three SMART goals for the next four quarters.

2. Innovate!

Business is moving faster than ever thanks to technology’s and we don’t want you to be left behind. If you haven’t already, it’s time to look at digital solutions that can free up your time and help future-proof your business.

  • Are you using a cloud-based accounting software such as Xero? If not, why not? There are so many reasons you should be—payroll, instant reporting, mobile invoicing, automatic bank feeds and automatic data backups, to name a few. Don’t get left behind and talk to us today about unlocking the power of Xero for your business success.
  • Are you connected and mobile? What do you use to run your business, a cash register and a notebook? Fewer people carry cash, and the humble mobile phone is now a supercomputer that can call, text, schedule, have dinner delivered to your door, book your flight to Brisbane, send flowers to your mum and pay your suppliers, all in an instant. Everything is at your fingertips, and as we move to a paperless digital world – you need to equip your business with the right tools and tech solutions to meet your customers’ needs.

3. Cut the fat.

You’ve probably noticed some glaring financial issues thank to EOFY, but with our help we can turn these concerns into opportunities. It means you need to have your game face on and be willing to cut the fat! You need to be critical, identify your weaknesses and look for revenue opportunities such as new products or services you can add to your offerings. It’s time to discuss tax-minimising strategies, cost-saving measures and ways to improve cash flow, such as shorter payment cycles.

Financial planning is crucial at this stage of your business. You have a chance to drastically impact the course of your business using current data (from the last financial year). And with expert advice you can set yourself up for success from the start!

Use this time wisely and remember that tax time = the perfect time to plan. If you don’t have the right team behind you, supporting a seamless and stress-free EOFY, then contact Trinity Accountants and see how we can not only take care of your financials, but set you up for the business and lifestyle you dream of.

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