Every year you promise yourself that you’ll get things in order in time for the new financial year. But then business gets in the way and you’re once again scrambling to get everything completed in time.
The new financial year is already underway. So to start you off on the right path, here are some simple and savvy tips for getting bookwork sorted and strategies in place to increase your business profits in this financial year and beyond.
1. Start planning early
Now while we’re almost a year out, the end of the financial year is stressful at the best of times. If you don’t start planning early and now, that stress builds in the weeks prior and can often lead to you rushing through your paperwork and missing out on important tax savings.
Plan for this new financial year by putting systems in place to make the lead-up to end of year requirements easier. If it all feels too overwhelming, enlist the support of professionals who will simplify and streamline the process for you. Bartercard can help by referring you to people who actually love those tax-time jobs that you hate!
2. Engage professionals and save time and money
If you have plans to grow your business or take it in a new direction, don’t try and go it alone. You can access the services of professional accountants, bookkeepers, financial planners, business advisors and marketing consultants through Bartercard. What’s great, is you can pay for their services with trade dollars and conserve cash which you can then invest into those growth areas of your business.
3. Automate your systems
If your accounting systems are not digital and automated, you are wasting time and money, every day. There are now many easy-to-use accounting systems that can help streamline your business and save you many headaches and long hours poring through the paperwork. Once your business becomes automated you will never look back and will probably wish you had done it sooner!
If you need help finding, learning, and implementing the right system to suit your business reach out to Bartercard who can put you in touch with specialists. They will assess your needs and provide your business with a seamless transition onto a digital platform in time for the next financial year. What’s more, as a Bartercard member, your trade dollar transactions can be integrated into your MYOB and Xero accounting system each month, making it quick and easy to reconcile transactions.
4. Sell off your excess stock
Don’t wait until the end of the financial year to move excess stock. Bartercard can help advertise your EOFY sale or any day sale through a multitude of media outlets that will bring in both cash clients and Bartercard members keen to spend their trade dollars giving you an extra boost at tax time.
5. Create positive financial habits
Invest a little extra time with your accountant this year to look at the areas of your business that could do with a little attention. For example, consolidating and reducing your debt and interest payments, investing in higher quality equipment, or creating systems that allow you to better track your financial progress on a daily basis.
Don’t restrict your business spending to just your operational essentials. Take time to look at your personal goals and spend money investing in education for your own growth and success.
Spending the time now will pay off in the future as it will free both time and money so you can focus on building your business.
Get in touch to find out how Bartercard can assist your business and bring new customers in this 2022/2023 financial year.