Business owners…take a moment to get your financial sh*t together

For everyone else we are coming up to end of financial year – its June and a really great time to reflect and reset!

Here are five things for business owners to ask yourself before going into the next financial year.

Are you paying too much for overheads?

Review and compare ongoing costs for things you need like phone plans, electricity, office space, photocopier – anything you have on a plan of any kind. If you don’t review these things annually you are definitely paying too much. This sort of thing takes time but is well worth it!!

Do I need to buy anything big?

All these end of financial year sales are about to come up – so you can spend your last dollar on the last day of the year!! Take advantage if it will serve you.

Instant asset write off is a great tax incentive if you actually need something that will help you in business…buying something you don’t need because its on sale doesn’t make sense (or cents).

Am I paying for things I don’t need?

Clear out anything you are wasting money on – this includes any and all subscriptions and systems that are not serving you. Look through your bank statements and see what you have signed up for. I have discovered an additional Adobe account this week…$44 a month, not a lot of money but still rather it be in my pocket.

Am I organised?

Look at your account set up – is there anything you could change to make your life easier and more organised? 

Are you scrambling for cash when paying quarterly GST or super or are you seamlessly well organised? This is always a matter of better organisation. I find keeping money in expenses tax and payroll accounts ensures this all runs pretty smoothly.

What will happen next?

Predict the future. Where is your business going? Its been a tough year for some, and a creative year for others. We are coming out of this stronger and more resilient so use the lessons of this year to make the next year in business as amazing as it can be.

Phoebe x