“Out with the old and in with the new” has never been more applicable than in 2020. New financial year resolutions for businesses are ultra important as July rolls around.
Here are four top tips for a successful new financial year…
Keep Up With Tax Changes & ATO Announcements
The coronavirus pandemic has certainly changed a lot in Australian finance. The ATO has made unprecedented changes to business tax regulations, most of which make it easier and more beneficial for SMEs.
The ATO Newsroom is a one-stop-shop for updates and instructions. Businesses can claim deductions and depreciation in order to reduce tax expenses. Furthermore, you’ll be able to take advantage of concessions available in the wake of COVID-19 – some of which, you may not be aware of. The latest tax tips may really save your business time, stress and money.
Did you know that over 60% of Australian businesses requested information about operating during the pandemic? 75% have made changes to the way they operate, from working from home to new hygiene practices.
Or get technology at least. With the changes to the way Aussies do business, getting set up online and ready to deal with clients and colleagues (who prefer certain platforms) is beneficial.
For example, DocuSign allows the instant signing of documents online and the super-popular online meeting platform Zoom. These applications are streamlining and modernising businesses so make sure to check them out.
Additionally, implementing the latest CRM software and team management tools make for a seamless and smooth transition to the new financial year. Also, consider cleaning up your database to make sure you get the most out of your tech skills.
2020’s rocky road has made knowing and being on top of your business finances even more crucial. Making decisions based on the latest figures and predictions helps businesses adjust and operate with flexibility. Commonly, SMEs outsource an independent accountant for in-depth analysis of financials. It’s no wonder experienced accountants really earn their money at this time of year, as they can help you at every stage of your business journey.
Using accounting software such as MYOB and Xero add to the ease of reassessing finances in 2020. Get on board with software designed to make your life and running a business easier this new financial year.
Plan For Flexible Funding
Strategic planning in order to capitalise on Australia’s (likely) recovery is a great way to look on the bright side. Acting on such plans may be a future decision but having a ‘good-case-scenario’ contingency plan may help you take action quickly if needed. Chances are you’ll be weighing up spending, expanding and workload forecasts while preparing for rough waters but having a plan for the opposite can be just as effective.
If you find increasing interest in your services and require more or returning staff, having a plan in place gives the ability to act quickly. Furthermore, if excess cash were to arise, you can be ready to pounce on new initiatives such as marketing campaigns. The automotive sector is already proving itself resilient and on the mend.
Modernising operations to align with client demands and industry trends can be of huge benefit to SMEs. The massive changes to tax reporting, depreciation and concessions are aimed at recovery – make sure to find out how you can benefit.