Starting the new financial year on the right foot
The midnight rush of 30th June is officially behind us. The spreadsheets from last year are locked down, the receipts are sorted (or at least piled neatly) and the new financial year is officially here.
For a lot of small business owners, the first week of July brings a weird mix of relief and a bit of exhaustion. You’ve just spent weeks looking backward, ticking boxes and cleaning up the past.
Now that 1st July has arrived, it’s the perfect time to look forward. Before the daily routine completely takes over again, here are a few simple, down to earth ways to set yourself up for a smoother run over the next twelve months.
1. Archive the Old, Clear the Desk
There is nothing quite like the mental weight of last year's paperwork sitting on the corner of your desk. Now that the data entry for the old year is done, clear it away.
File the physical paperwork into storage boxes.
Archive old folders on your computer or cloud drive.
Create your new digital folders for the current financial year.
Starting fresh with a clean workspace - both physical and digital. It makes a massive difference to your focus.
2. Check in on Your Software
Software providers often roll out updates, rate changes or new features right around the turn of the financial year. Take ten minutes this week to log into your accounting software and payroll systems.
Ensure your superannuation automation is updated to the correct rates.
Double check that your invoicing templates look right for the new year.
If you’ve been meaning to automate a repetitive task like bank rules, set it up now so it saves you time all year long.
3. Adjust Your Baseline
If your costs went up over the last twelve months (and let’s face it, whose didn’t?), your old pricing or budget might not be serving you anymore. Use this first week to review your regular expenses. If software subscriptions, insurance or supplier costs have crept up, it might be time to adjust your own rates or trim back on tools you no longer use.
4. Review the Year That Was
Before you completely close the book on the last twelve months, take a look at your final reports with a strategic eye. It’s easy to focus purely on compliance at this time of year, but your data holds the answers to how your business is actually tracking.
Look at your profit and loss statement to see which services or products drove the bulk of your revenue.
Identify any creeping expenses that quietly drained your cash flow.
Assess whether you hit the financial goals you set out for yourself this time last year.
Understanding your past performance is the best way to make informed decisions about where to invest your time, energy, and resources moving forward.
Looking for a fresh start? If you want to make sure your processes, bookkeeping, and systems are set up correctly from day one of this financial year, let’s chat. Getting it right now means zero panic this time next year. Get in touch today to find out how we can help keep your business on track.
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 in relation to your own circumstances.
