We’ve listed six new financial year resolutions to set up the best systems and practices in your business, encompassing digital, investing and budgeting.
Start planning from day 1
Avoid the last-minute tax crunch and minimise the amount you have to pay back by planning early and setting up the systems and process that supports your business goals, especially if you are looking to expand or tackle a new direction. Implementing fail-safe strategies early in the piece will set you on the right track, especially as the more profitable you become, the more complicated finances get.
Lose the paper
Are you still storing shoeboxes full of faded paper receipts? Don’t. Photograph receipts as you spend and file them away to de-clutter and reduce time searching in the last-minute tax rush. Many accounting software apps will let you photograph and file receipts – so you won’t get buried under paper.
Cut the non-essential spends
Do you still need that ‘Knitting Baby and Beyond’ magazine subscription? If it’s outdated, redundant or no longer applicable, cancel or sell it to make room in your budget for spending that will work harder.
There are hundreds of media outlets within Bartercard where you can conserve cash on advertising while gaining exposure and cut-through in the cash market – April 1 is the right time to review your budget, cut any unnecessary spending and reallocate your funds.
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.
Reconcile your bank accounts and credit cards
We all know how much time and attention bookkeeping can take – ensuring all your bank and credit card transactions are matched in your accounting software is important to get your tax right. Bartercard is linked with Xero and MYOB which makes reconciliation simple and takes the manual work out of recording every Bartercard transaction into your accounting software. Win-win!
Re-visit your personal wealth
As a business owner, it’s easy to get caught up in the present and take your focus off the future. A new financial year is a good time to re-visit your long-term wealth-building strategies included real estate that can really set you up for the future. Listing a property through Bartercard is an effective way to sell relatively quickly compared to the cash market and conserve costs in a range of areas.
There are no upfront costs including advertising, and transaction fees are charged on the Bartercard component only when it sells. Visit bartercardproperty.co.nz to browse listings.
Know the basics of bookkeeping
Even if you already have a reliable bookkeeper or accountant, knowing how to do your own bookkeeping means you will know exactly what information you should be taking to your advisor to get the most out of tax time. 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 of time, it’s worth investing in a short course or reading up on the basics of bookkeeping.
If you’re looking for more tips on how to deal with change and other business-related matters, why not check out The 7 Habits of Highly Effective Small Business Owners – and work smarter, not harder on your business.
Bartercard does not provide any financial advice and it is recommended clients consult a Chartered Accountant from the Bartercard directory or their own tax specialist before acting on this information.