The first month of the new financial year is a great time for business owners to check the financial health of their business and plan for a profitable year.
“Reviewing the past year and assessing where your business has grown (or contracted) will help you to address weaknesses and set new goals to keep the business performing in line with planned objectives,” Clear Path Accounting director Suzanne Walker said..
“Many small businesses don’t plan in advance. However, a little forward thinking will give you the power and opportunity to drive your business in the right direction, and not just hope for the best. Your business profitability and your financial and tax status should not be a surprise at year end.”
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Ms Walker said the four essential business tasks for this time of year include:
- Reviewing the past year. Learn from it, but do not focus on it.
- Prepare a budget and monitor it regularly against actual results.
- Prepare a cash flow forecast for each month over the next year.
- Set new business goals and targets in-line with your business plans.
Ms Walker said cloud-based accounting solutions give both business owners and their accountants a full, up-to-date picture of a business at any given time. “This makes it much easier for accountants to perform valuable business advisory services.”
Details: 4739 2700 or www.clearpathaccounting.com.au