With the end of the financial year fast approaching, it is time to get everything ready for a new year, not to mention we are almost commencing a new decade.
What is your business goal for the year, is it to increase your sales by 20%, 50% or even a 100%? If so, how are you going to achieve this? Will it be by increasing your marketing campaigns, updating your website or tapping into a new market?
Would you like to increase your cashflow by 20% for the year?
Do you want to increase efficiencies within your business by providing further training to staff or implementing additional technologies?
There is no time like the present to put some goals in place for where you would like your business to be situated by 30 June 2020.
When was the last time you looked at your business plan? Is it still relevant to your current products and services and have you compared your products and services to your competitors?
Is your business meeting your personal goals, ie paying yourself a sufficient salary or wage for the work you do?
When reviewing your business plan, have you looked back on what you did well within this last year and identified what you want to continue doing and what you would like to improve during the next year, 3 years and 5 years?
Getting information ready for the accountant – what to do before 30 June
- For those who operate a business from a trust, have you held a meeting to discuss the appropriate option for where the profits should be allocated and prepared your Trust Distribution Minute?
- For those who are receiving a pension from their self-managed superannuation fund, have you withdrawn your minimum pension required?
- For those who have borrowed money from their company, have you paid your minimum repayment required to the company for the year?
- Is your accounting software or point of sale system still the best system for you? Are your current computer programs promoting efficiencies or costing you time? Perhaps it is the time to switch to a new software system.
- Are you ready for single touch payroll? Is your software package updated to be able to process this? Have you got your Auskey setup for lodging the payruns with the Australian Taxation Office from 1 July?
- Have you prepared a logbook for your car within the last 5 years? If not, please prepare this as the Australian Taxation Office is continuing to focus on vehicles purchased within business that are available for private use.
- Is there any equipment that you have been looking to purchase? Why not take advantage of the accelerated depreciation rates and purchase it before 30 June 2019 to claim that deduction this year?
If you would like assistance with this year End of Financial year or would like to talk about setting appropriate goals for the next financial year, please contact PJT we will be happy to assist you with these.