AS THE end of the financial year approaches, it’s time to take stock of your business and set yourself up for the year ahead.
it’s an opportunity for business owners to pause, reflect and prepare.
Whether you’re a sole trader or managing a growing enterprise, taking action now can help you finish the year strong and step confidently into the next one.
Here are the key steps every business owner should consider before June 30:
1.
Are your accounts up to date?
Now is the time to ensure your accounts are reconciled and accurate. If you use accounting software, run a year-to-date profit and loss statement to understand your financial position.
Ensure all payroll information is accurate and superannuation payments are processed on time to avoid penalties.
2.
Meet with Your Accountant
A proactive discussion with your accountant can make all the difference with getting the most out of your current year tax return, as well as setting up for the year ahead.
They can help identify potential tax deductions and offer guidance on superannuation contributions or deferring income. Don’t wait until the last week of June!
3.
Consider investing in new assets
If your business has had a strong year, you might consider reinvesting into it by prepaying expenses or purchasing equipment and taking advantage of the Instant Asset Write-Off scheme.
4.
Conduct a business health check
The EOFY is a great time to reflect on your business strategy. What were your wins and challenges this year? What are your goals for the next financial year? What resources do you have or need?
Spending time to review your business now can reveal opportunities to improve and boost profits next year.
5.
Plan for the new financial year
Once the dust settles after 30 June, use your EOFY insights to plan ahead.
Set a budget, revisit your business plan, and think about how you’ll innovate or scale up in your business.
Taking the time now can give you a competitive edge in the year ahead.
EOFY doesn’t need to be stressful—with good planning and expert advice, it can be an opportunity for clarity, growth and smart decision-making.
Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product. Credit Representative 522752 is authorised under Australian Credit Licence 389328.
