Sure, we’ve all said it: “Next year will be different”. It’s this simple bit of self-assurance that gives rise to new year’s resolutions, and those can apply to your business as well!
So, to start you on the right path in the new fiscal year, and while you may have a little more time on your hands to get organised while we’re in lockdown, we’ve listed some tips to help you set up the best systems and practices for your business, including digital solutions, investing, and budgeting. Continue reading for our seven favourite Fiscal Year’s Resolutions.
1. It’s never too soon to start planning
Avoid the last-minute tax crunch and minimise the amount you must pay back by planning early. Set up the systems and processes that support your business goals, especially if you are looking to expand or move in a new direction. Implementing fail-safe strategies early will set you on the right track, especially as higher profits complicate your finances.
Are you a start-up getting your business off the ground? Don’t make mistakes like invoicing in Microsoft Word. Find an accountant who’s shrewd with money. You’ll want to make every cent count in the early days. Bartercard has a range of bookkeepers, accountants, and financial planners available through your trade dollars, so you can keep your cash in the bank.
2. Ditch the paper
If you’re still storing shoeboxes full of faded paper receipts, now is the time to ditch them. Scan or photograph receipts as you spend and file them away to de-clutter and reduce time searching in the last-minute tax rush. Accounting software apps like Xero will let you photograph and file receipts online, so you won’t get buried under the paperwork.
3. Start investing in yourself
Technology essentials include the latest smartphone to produce the highest quality digital content for your brand’s online platforms, the latest industry equipment, and software innovations that will streamline and empower your business. Don’t restrict your business spending to operational essentials, either; invest in your personal growth and success as well, through courses and education.
4. Cut non-essential expenses
It’s good to revisit your receipts, storage room, and supply closet. If you find something that is outdated, redundant, or no longer applicable, cancel or sell it to make room in your budget for more relevant spending. Ending outdated residual subscriptions and selling excess stock are great ways to shore up your finances.
There are hundreds of media outlets available through the Bartercard network where you can save on advertising while gaining exposure and breaking through in the cash market. Now is the time to review your budget, cut any unnecessary spending, and re-allocate your funds.
Expanding your business network
Bartercard members have the option to purchase products from other Bartercard suppliers at wholesale or retail rates, adding new stock to their product line which they can on-sell in the cash and/or trade economy.
5. Reconcile your bank accounts & credit cards
We all know how much time and attention bookkeeping can require. It’s a lot of work ensuring all your bank and credit card transactions are matched in your accounting software. Bartercard transactions can feed directly to the likes of Xero and MYOB, making it easy to reconcile your transactions, whether it’s in trade dollars or cash, and get your taxes right.
6. Revisit your personal wealth
As a business owner, it’s easy to get caught up in the present and lose focus on the future. A new financial year is a good time to revisit your long-term wealth-building strategies. These strategies may include real estate that can set you up for the future. Bartercard has a range of properties available with a trade dollar component. Why not check out Bartercard Property to browse our current listings?
7. Learn the basics of bookkeeping
Even if you already have a reliable bookkeeper or accountant, knowing how to do your bookkeeping means you will know exactly what information you should be taking to your advisor to get the most out of your tax returns. You will also know what your accountant is talking about, so you’ll get the maximum value out of every meeting.
Even if you’re short on time, it’s worth investing in a short course or reading up on the basics of bookkeeping.
Make the most of the new fiscal year
While we find ourselves still in unchartered territory, it’s important to stay focused on your business to ensure you’re in the best position possible for when the COVID-19 alert level system relaxes, and we can all get back to business in our new normal.