What are your new financial year resolutions? Now that the new financial year is upon us, it’s the perfect time to streamline your workflow. Here’s some simple tips for focusing yourself financially to ensure you’re ready for growth.
Stay on top of your BAS
Your Business Activity Statement (BAS) is one of your most regular obligations to the Australian Taxation Office (ATO), but not the most exciting of prospects to complete on your day off. Don’t let it get out of hand. Ensure you submit when it’s due, and make payments on time.
Don’t spend your GST
Having to make a lump sum GST payment at tax time can impact your financial position; make sure you always have access to funds to make repayments as they become due. Now’s a good time to review whether quarterly or annual GST payments suit your business best.
Cash flow is the backbone of any successful small business to ensure that you’re always covered for the unexpected. Issue invoices for goods or services as quickly as you can to ensure that you’re paid promptly—your healthy cash flow will thank you.
Work in the cloud
Cloud based business solutions aren’t a new trend—don’t be the only small business on the block who’s not taking advantage of these cost-effective solutions, such as Square Point of Sale or Xero for accounting. Cloud based solutions often allow for deferred payments to be made on a monthly basis, which is much better for your business’ cash flow. Luckily, Square Point of Sale is completely free so no subscription payments are required.
Automate the hard stuff
When working in the cloud, it’s a good chance to automate your business operations. Automation can significantly reduce the amount of time spent managing manually (bookkeeping, for example) by syncing data between platforms. Square Point of Sale automatically syncs your sales data to Xero, which is a great example of automation that can save you time and money.
Never take your eyes off the prize
If you want to see your business grow, start acting like a big business. Track your sales performance on an hourly, daily or monthly basis and compare your like-for-like periods. Keep focused on what you’re selling (and what you’re not) and be prepared to make data-driven decisions. Square Sellers are empowered with free Analytics tools that provides them with reporting that they can use to check in on their business anytime, from anywhere, on any device with a web browser.
Make sure you’re fully prepared for the new financial year, schedule time to speak with your Accountant or Financial Advisor.