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Business Financials – End of Year Business Planning Checklist – Time to start planning now!

Business FinancialsEnd of year business planning is part of the on-going work of running a business – you need to keep reviewing the plan, and preparing for end-of-year early, is the way to have a great finish!

So here are some key areas to work on – do 1-2 a week to be ready by 30 June.

1  Accounts in Order

Ensure your accounting is up to date as much as possible – with modern software moving into the cloud, and bank feeds streaming the data for easy rules to be set up to speed up data allocation, the task is less a burden each year! If you have questions, call me for FREE discussion0407 361 596!

2  Where are you at?

Print the Profit and Loss and Balance Sheet – read them! Not sure how they work? See our explanation Profit and Loss and Balance Sheet.

Are cost of sales in proportion to sales – if you sell product – work out the margin – what margin is typical of YOUR industry?

Is there a profit? If not – are expenses too high?

Are sales declining/struggling? If there IS profit, but cash is tight – are trade debtors (accounts receivable, clients who own you) climbing – look on your Balance Sheet? Not sure?

3  Review Financial Plan and Goals

Did you meet sales goals? Is it clear why? What can you do to improve?

Did you improve profit?

Did you lower expenses?

4  Tax plan

Too much profit? This could mean more tax. If you are selling, a good profit is essential to be attractive to a buyer.

But if not selling – maybe some expenses can be made in June – stationery, stock, pay superannuation early instead of in July – ask your accountant or us for tips.

Note – be careful – high-cost purchases such as equipment, vehicles or furniture will NOT always be expensed and reduce your profit – they may end up on your assets on the Balance Sheet – check the current asset write off level.

5  Owner / Director results

Determine the consequences to you the owner or partner (or Director if you have a company). What is the benefit to you? A director’s bonus (can reduce profit and company tax). Are you getting the return you wanted from your own business? Who can you seek for a review and advice – your accountant, business advisor, successful business associate/friend?

6  Review Business Plan

What parts of your plan need more attention – there are 5 Core Functions every Business must perform – Leadership, Employee/Team, Finances, Operations, Marketing & Sales – what area is weak? – no-one has it all working perfectly (even big business!) – and one area may get neglected while you focus on improving another – the key is starting to delegate regular processes to part-time virtual or in-house assistants, so you can ramp up Marketing & Sales to propel the business – otherwise who will? It’s not just about a good advert – it’s the whole plan and strategy – keep improving and find what works and sells!

7  Bad debt review

Review all your bad debtors. Write-off all those you think are unlikely to pay to enable a tax deduction this year. We recommend recording this in the minutes of the business after ensuring that all reasonable steps have been taken to recover the debt.

8  Prepay expenses

Prepaying certain expenses such as rent, repairs and office supplies before year end can reduce your current year tax liability. If payments are due early next financial year, a pre-payment may entitle you to the tax benefit much earlier.  The rules differ depending on the type of entity so please call your tax agent, if you would like more clarification.

9  Stocktake

Trading stock should be reviewed before 30 June, either by a physical count or from a perpetual stock record system. Small Business Entities can be exempt from conducting a yearly stock take if the value of stock has moved by less than $5,000 during the year. Tax is paid on the value of stock at the end of the financial year so consider selling or disposing of slow moving stock so that it is not included in the count.

End of year business planning is an on-going task when running a business – you need to keep reviewing the plan, and preparing for year-end early is the way to have a great finish! So to work on – do 1-2 a week to be ready by 30 June – action gets results!

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – No-one offers as much!

Or ask a question - Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia
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Cash Flow Tip – Cash Flow improvement calculator for business

Cashflow TipMany businesses are run by gut feelings or the bank balance – but understanding your cash flow is critical to your business success, and a handy tool that bank NAB have created is an online cash flow improvement calculator. Whether using MYOB, Reckon/Quickbooks or Xero for bookkeeping, Try it and see what you think! (Click icon to go to the page)

Cashflow Improvement Calculator

 

Let us know how you went…

 

For other NAB cool tools see Calculators and tools

 

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

 

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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