5 Ways To Start Your Financial Year On The Right Foot
Breathe a sigh of relief, lovely, the ever-so-stressful EOFY is over for another year.
No more stressing about EOFY investments. No more being bombarded with EOFY sales.
Just you, your biz and the peace that follows June 30th.
But unless you make some big changes to the way things work around your biz at tax time, you're going to feel just as stressed and very-much-in-need-of-a-very-long-and-relaxing-holiday next June. So, how do you set yourself up for success at the start of the financial year (instead of waiting until the end)?
Here are my top five tips for starting your financial year on the right foot!
#1 Look into accounting softwares
Xero. Quickbooks. MYOB. No matter how you work, there’s an accounting software to help make the numbers side of your business a piece of cake.
There are a few reasons I love using these snazzy pieces of tech, including:
- They take care of all of your invoicing, saving you bucketloads of time designing them in Canva (or, heaven forbid, Microsoft Word), exporting them to a PDF and manually sending them via email. Every dang time.
- They automate heaps of your admin to save you time(and, of course, money!).
- They store all your documents in one place for quick access, from bills and receipts to invoices and payments.
They also make your EOFY a whole lot easier. All you need to do is give your accountant access to your Xero and they can magic up a tax return, quick sticks!
#2 Hire a bookkeeper
I love an accounting software, but I hate using it (sounds counterproductive, right?).That’s why I trust Lisa and her team from Accounted for you to manage my books, doing everything from invoicing my clients to reconciling my accounts.
Not only are they helpful for us numbers avoidant biz owners, they’re also fantastic for businesses in growth phases. Good bookkeepers help you understand the numbers behind your biz, making it super easy for you to make the right decisions to keep your biz growing and thriving!
#3 Make sure your files are in order
I don't know how many times I’ve almost (accidentally) let my business name lapse.
There are so many recurring files and subscriptions you need to monitor to keep your biz in business (and, more importantly, keep it under the name you’ve built your brand under!).
If you can’t remember the last time you checked on your business name registration, it’s time to get your files out and have a look!
Here’s a checklist of things I always review at the start of the FY:
- Business name/s
- Domain name/s
- Registering for GST
And that’s on top of backing up your blogs, your social media content and your website copy (the usual stuff that we should all be doing way more often than we actually are). Yes, it’ll take a fair portion of your Sunday arvo to get sorted, but when it’s sorted? You’ll feel nothing but relief knowing your biz is covered in every way possible!
#4 Check on your goals and set new ones
Are you a goal setter? Even if you groan at the thought of setting goals, it’s the best way to keep your business on track (regardless of whether you want to scale massively or keep it boutique).
Start by reflecting on your goals from the past FY and ask yourself the following questions:
- Did I achieve my goals from the last FY?
- If yes, what did I do to achieve them?
- If no, what stopped me from achieving them?
- What do I want to achieve this FY?
- How will I make sure I achieve them?
Easy peasy, lemon squeezy!
#5 Work smarter, not harder and outsource!
I know. “Work smarter, not harder” is a bit of an overused phrase at the moment, with every biz coach and her dog preaching the art of working smarter in biz.
But there’s a reason every biz coach and their furry friends are preaching it.
Because it works.
Most of us biz owners started our businesses for the freedom it affords us. We don’t want to waste time on tasks that suck the joy out of our day-to-day, so we need to work smarter and outsource them to someone who THRIVES in those areas.
Social media. Graphic design. Admin work. There are so many areas you can outsource that take the weight off running your business and give you the time (and mental capacity) to make more money doing what you love.
And if those three tasks are things you absolutely can’t stand? I’m here to help! Book your discovery call to get the ball rolling and truly work smarter, not harder this financial year.
There are so many ways you can get ahead this financial year. All it takes it a pinch of planning, a sprinkle of inspiration and a dash of wanting to make your next EOFY a whole lot less stressful.
Found this blog useful? Share it with a biz bestie who needs to hear it or follow me @halihelper on Instagram for more handy tips.