Start the New Financial Year Right

Posted: by Derran Frampton

The beginning of a new financial year may not have the glitz, glamour or fireworks of the calendar year, but this shouldn’t stop you making financial resolutions to keep your business moving forward over the next 12 months. Here are four simple tips to help you start the new financial year right.

Get Organised

If you’re drowning in papers, get yourself a shredder and a scanner. There is absolutely no reason your office should be overflowing with documents. Set an afternoon aside to get organised. You might like to divide your documents into sections like assets, debts, cash flow and insurance, scan and save into folders with the same title. Keep the originals of any important documents and shred the rest. There are a number of free or inexpensive cloud based document storage solutions.

Set Some Goals

If you haven’t done so, set some tangible goals that require money and planning to achieve. How much is it going to cost? When will the goal be achieved? Each of us has different goals – you might want to go on a holiday, pay off a loan, grow your customer base or get your business running more efficiently. Whatever it might be, translating your ideas into goals is the first step to helping them become a reality.

Make Yourself Accountable

You’re much more likely to achieve your resolutions when you tell all your friends and family what you intend to do. So share your new financial year resolutions – with friends, family and your employees. Or, if you’re not ready to go that far, at least write your plans down on paper. Writing down your plans and goals will reinforce them in your mind and your subconscious.

Get Yourself Some Tools

Get the right tools. Using the right selection of cloud based tools can truly enhance the way you run your business. With thousands of different apps, the hardest part can actually be making the right choices. Most online tools offer free trials so you aren’t locked in to a contract, meaning you can find the solutions that best suit your individual needs quickly and without financial commitment.

A good place to start is your accounting software. Does it ‘talk’ to your bank? SCCU partners with MYOB and Xero to offer direct bank feeds for business banking customers. They benefit from having their transactions automatically uploaded to their accounting solution daily, saving an enormous amount of time and money when reconciling accounts.

Southern Cross Credit Union has been working with small to medium sized businesses for over 50 years. If you would like to have a chat about your business banking needs call 0476 813 595 or email derran.frampton@sccu.com.au.

Any advice given is of a general nature only and is not based on any consideration of your objectives, financial situation and needs.

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