Starting the new financial year the right way

Congratulations, you’ve finished the financial year. In 2024 this is a great achievement and you should congratulate yourself in a difficult market. Here are some tips to move forward to 2025, and beyond and ensure your business continues to grow in a healthy way.

Prepare for your tax return and Quarter 4 BAS as soon as possible

Even though you have months to file a return, you need to be looking to the future, not the past. Your BAS is due on the 28th of July and you should aim to get your income tax return ready as soon as you can.

Take a look at your yearly results

Now is the time for review. What worked and what didn’t? Where can you trim expenses, and where can you grow your revenue? Analyze your cashflow and see where any issues occurred. By understanding your business better, you will be more likely to see growth, and less likely to have any issues

Set your yearly targets

What is your goal for the next financial year? Set yourself a target for revenue, costs and profits, so you can measure progress and stay motivated. Without proper targets, you won’t be able to accurately tell if you are on track for your goals.

If you need help with your bookkeeping, please get in touch, and follow us for more tips!

Disclaimer

This information is intended to be general in nature and is not personal financial advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided having regard to your objectives, financial situation and needs.