Start the New Financial Year the 542 way

DarnelleBusiness Process, General

A new Financial Year means a fresh start! So, if you haven’t got your business processes in order, now’s the time to get organised so your 2019/20 financial year is smooth sailing.

Mark your calendar

First things first, get your calendar in order. If you’re not sure of important due dates for this Financial Year, don’t worry – we’ve done the hard yards for you. Mark your calendar with important due dates with our key dates calendar so you’ll never miss a lodgement again.

Now, it’s time to organise your business (and much more)!

Check out our top 4 must dos for the new financial year.

1. Review and revise your goals.

Whether it’s financial or not, goal setting is super important for keeping everything on the road to success. As business is always changing, it’s important to not set and forget your goals. Understand where your business is and what direction you need to go and set goals to help you get there.

2. Budget and forecast.

Regardless of your business goals, budgeting is key! Having a detailed budget and accurate forecast, will help you make informed decisions about your business. Use the expertise of 542 Partners to help you understand a realistic budget and forecast.

3. Monitor, revise and monitor again.

The key to achieving your goals is to monitor and revise along the way. Consider engaging an advisor or 542 Partners advisory services on a monthly, bi-monthly or quarterly basis to ensure forecasts are measured against outcomes.

4. Get personal

Although business planning and forecasting is super important, don’t forget your personal finances. Just like the processes you put in place for your business, your personal finances can benefit from using the same processes and technology such as Xero and ReceiptBank.

 

Speak to our team to set up for success, this financial year.

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