EOFY is done. The paperwork is in, the dust is settling, and the new financial year is a clean page.
July is the one month where you get to start fresh with your numbers. Before the year gets busy, it’s worth spending an hour setting yourself up properly. Here’s what we’d suggest.
Look back before you look forward
Last year’s numbers tell a story. Which months were strong? Where did cashflow get tight? Which jobs or customers made you the most money, and which ones cost more than they earned?
You don’t need a formal review. Even a quick look at the year that was will show you what to do more of, and what to change.
Set a target for the year
It doesn’t need to be complicated. One revenue goal. One profit goal. Maybe one thing you want to fix, like getting invoices paid faster or building a cash buffer.
A business with a target makes better decisions all year. Write it down somewhere you’ll see it.
Get your bookkeeping rhythm sorted now
The businesses that find tax time easy are the ones that keep their records tidy all year. July is the time to lock that in.
Pick a regular time each week or month to reconcile, file receipts and send invoices. Small habit, big payoff. Come BAS time, you’ll be glad you did.
Know your dates
A few lodgement dates are coming up in the new year, including the June quarter BAS and, for businesses that pay contractors, the TPAR in late August. Pop them in your calendar now and they’ll never sneak up on you. If you’re not sure which ones apply to you, ask us. It’s a quick check.
Talk to us early, not just at tax time
This is the big one. By the time June rolls around, most of the levers have already been pulled. The best planning happens now, at the start of the year, when there’s still twelve months of room to move.
Whether it’s equipment purchases, super contributions, business structure or just a plan for steadier cashflow, the earlier the conversation, the more options you have.
Here’s to a good year
A fresh financial year is a chance to run the business a little smarter than last year. You don’t have to overhaul everything. One or two good habits set in July will still be paying off next June.
Got a question about your new financial year setup? We’re here to help. Call the team in Rockhampton or Yeppoon, or drop us a line any time