With FY24/25 officially here, these are the top steps we recommend our small business owner clients take to start the financial year on the right foot…
Review your recorded transactions from the previous financial year
Ideal for catching mistakes or missing entries, and wrapping your head around what your upcoming tax return will look like. Plus, you can prepare all your digital data for your business advisors (AKA us!) and start planning your next budget, based on your insights and performance.
Review your financial goals
Take the profit and loss data from your financial audit and use it to inform your next year’s goals, strategies and initiatives.
Check your compliance obligations
From renewing annual business licences or permits, to workplace safety regulations and tax compliance requirements, it’s the perfect time to check in with all your business obligations. We can help with these too!
Audit your technology and processes
Your technology needs to work for you and not make your life harder. So now is a great time to check up on software updates or compliances, and ensure the systems and processes you’ve established continue to function as intended.
Assess your pricing strategy
With new financial information in your pocket, it’s the ideal time to review your current pricing strategy and make changes according to your financial goals – as well as any areas where you need to cut back costs. It’s worth reviewing your unique selling points, any added value you’ve accrued, and check out your competitor market.
Apply for grants and funding
Once you know where your business sits financially, explore any grants that may apply. Leverage these funding opportunities to help your business grow this coming financial year.
Book in some time with your accountant
We’re here to help you start the FY24/25 on the right foot, so whatever questions or challenges you’re facing, now is the time to schedule a sit-down with your Nortons advisors.
