This time of year it feels as if we have been talking about it for months already. We’ve researched the options, discussed the game-plan, got some professional advice and hopefully laid the foundations for how we will proceed.
It’s ironic that it crosses over with the sowing season for many in the region as the preparation that we finalise now will plant the seed for a well-managed end of financial year (EOFY).
MBC’s 5 Essential EOFY Tasks for Small Business
End of the financial year is an important time for small businesses - completing bookkeeping, tax returns and planning for the new financial year. Putting the hard work in now ensures your business is organised and you work smarter in the year ahead.
Here are some essential tasks to include in your EOFY Checklist…
1. Review Your Finances
Sit down with your accountant or bookkeeper and review your finances now. Review whether you met your targets and what you can do differently next financial year. Take the time to create a cash flow forecast and budget to manage the year ahead.
2. Review and Update Your Business and Marketing Plans
Take time to set yourself up for the year ahead. Regularly reviewing and updating your plans will help you to…
- Remind yourself of your goals and priorities.
- Assess whether your strategies are working.
- Adapt to any new changes in your environment.
- Make use of new opportunities as they come your way.
- Prioritise and maximise your effort (work smarter, not harder!).
3. Review Your Business Structure
As your business grows and expands, you may decide to change your business structure, or to restructure your business. There are different compliance and taxation regulations depending on your business structure. Getting good professional advice is pivotal at this point in your business.
4. Review Your Insurances
Check that your business has the right insurances in place. If your circumstances change, you may need to update your level of cover. Talk to MBC Wealth to make sure you are covered for worst case scenarios. It’s better to be safe than sorry. MBC Wealth will work with you to ensure you get the best deal from an insurance company.
5. Backup and Secure Your Files
Finally, backup and store your registration, financial and customer data, and other important business documents in a secure off-site location at the EOFY. This can help ensure your business can stay up and running during adverse events such as fires, floods and other natural disasters.
HAVE A HAPPY EOFY!!!
We appreciate end of financial year can be a busy time, especially for small business. EOFY can also be rewarding. It’s a great opportunity to take a moment to review your performance, celebrate your wins and make a proactive plan for the year ahead.
From all of us at MBC - we would like to wish everyone a happy EOFY! We hope it has been a good one and look forward to working with you in the new financial year.
Give us a call if we can be of any assistance during this busy time on 02 6362 0988.