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The end of a financial year is a big deal for business owners and accountants as together we reflect on successes for the year finished and areas of the business that need to be focussed on in the new financial year.
It is timely for business owners to reflect on what they’ve done in the past year and how they will prepare for the year ahead. Thorough planning is one of the prime keys to success, so starting with strong financial planning can help set you up for success.
We encourage you to speak to us at ANCA Accounting Services to make the most of your planning. Our team of experienced accountants has helped plenty of small-medium business owners like you develop their unique business plans, and we’d love to help you as well.
Do you want to make 2025 your best financial year yet? Every business endeavour should start with a solid plan, and together, we can work on the following:
Reviewing Your Previous Year. Looking at your previous years’ performance can give a business owner valuable insights on areas to focus on in the upcoming year. One of the best ways to understand the key drivers of growth is to analyse your strengths and weaknesses, what worked well and what did not work for your business. Doing so will help us set realistic goals for the new year.
Business Goals. Take time to review your business goals. This will determine the direction of your business for the year ahead and is one of the best investments that you can make for your business. Similar to your personal goals, business goals should be Specific, Measurable, Achievable, Relevant and Time-bound (SMART). Keeping this framework in mind, we work with business owners and help them set annual goals which are reviewed regularly on a quarterly basis. Having a strategic business plan links closely with ensuring that business owners are focused on the priorities of their business and any potential roadblocks that can hinder progress and be managed upfront.
Cash Flow Analysis. A managed cash flow ensures business sustainability and success in the long term. A profitable business needs sufficient cash to cover its operational costs and fund long term projects. Therefore, managing the cash flow of a business is of utmost importance for business owners. Whenever we prepare returns, be it income tax or GST, we always look for ways to improve our clients’ cash positions whether it be via increasing income streams or cutting down on expenses. Some of our suggestions may include:
– Negotiating with suppliers for better prices or extending terms of credit for payments.
– Reviewing current pricing to match associated demand for products/services.
– Fully utilising technology and software to increase business productivity and create efficiencies, e.g. Xero.
The beginning of a new financial year is the perfect opportunity to start thinking about a cashflow forecast for the year ahead.
Creating and Managing a Realistic Budget. Creating a meaningful budget is an important aspect of running a successful business. We all know that budgets help us keep track of our income and expenses and ensure that we run our business within our means. At ANCA Accounting Solutions, we help business owners budget for upcoming income and expenses including planning for the payment of GST, PAYE and income tax. Xero is a great tool that we encourage business owners to use to help with budgeting and forecasting.
Tax Planning and Compliance. Tax planning is a critical aspect of financial management. By estimating future tax payments and implementing strategies to manage tax obligations, business owners can potentially save money by ensuring that tax is always paid on time.
Now is an excellent time to begin tax planning for the year ahead as some business owners will have their first provisional tax due in August. We strongly believe in a ‘No tax surprises’ policy at ANCA Accounting Services.
Risk Management Strategies. All business endeavours have some level of risk, and to improve your chances of success, we’ll identify and analyse these risks to develop mitigation strategies. With our help, you can improve your chances of success even if potential risks are involved.
Prioritising Modern Technology for Maximum Output. Advanced software can help us stay on top of our financial matters like never before. At ANCA, we offer comprehensive Xero Bookkeeping services so you can make the most of Xero’s helpful software. This involves us assisting you with Xero setup, training and ongoing support so you can manage your finances like a pro. If you ever need help, we’ll always be here.
This can especially help you in the new year because you’ll be learning a modern digital tool that gives you convenient access to the information you need when you need it. Software like this allows you to have a clear view of important financial information, so if you’re not already using it, this year is the perfect time to start.
In summary, setting specific and achievable goals, developing a strategic plan and a budget to assist with achieving goals and regularly monitoring your progress is essential in having a successful 2025 financial year. Celebrating milestones achieved and successes along the way is crucial for any business owner.
If you’re ready to start paving the pathway to success for the new financial year, we’re here to help. Call us at ANCA Accounting Services on 021 031 6200 or use our site’s contact page to book a free 30-minute chat.
ANCA Accounting Services: together, we can make this year better than the last.
