Starting a new financial year isn’t just about ticking boxes—it’s a chance to reset, refocus, and build momentum. At Hills Accounting Hobart, we work with local businesses every day, and one thing is clear: the businesses that grow are the ones that plan ahead, not play catch-up.
If you’re looking for guidance from experienced Accountants In Hobart, here are seven practical areas to focus on this year.
1. Take a Fresh Look at Your Systems
What worked two years ago might be slowing you down today. Review your workflows, software, and processes. If something feels clunky, it probably is.
Small improvements—like automating invoicing or simplifying admin—can free up hours each week.
2. Don’t Set and Forget Your Insurance
Business conditions change, and so should your cover. Make sure your policies still reflect your current operations, staffing, and risks.
It’s not just about compliance—it’s about protecting what you’ve worked hard to build.
3. Understand What You Can (and Can’t) Claim
Tax rules shift regularly, and relying on “what worked last year” can be risky. Asset write-offs, deductions, and thresholds change—sometimes quietly.
The safest move? Check current rules with your accountant before making big purchases.
For up-to-date guidance, the Australian Taxation Office provides current information on deductions and concessions.
4. Plan Your Tax—Don’t Just React to It
Too many businesses think about tax at the end of the year… when it’s too late to do much about it.
A simple tax planning strategy—reviewed quarterly—can help you:
- Manage cash flow
- Avoid surprises
- Take advantage of available concessions
5. Stay on Top of Payroll Obligations
With systems like Single Touch Payroll (STP) now standard, accurate reporting isn’t optional—it’s expected.
If payroll feels confusing or time-consuming, that’s a sign it needs attention. Getting it right now avoids headaches later.
6. Know Your Numbers (Really Know Them)
Profit is one thing. Cash flow is another.
Regularly reviewing your numbers helps you:
Spot trends early
Adjust pricing or costs
Make better decisions with confidence
If you’re only looking at reports once a year, you’re flying blind.
7. Focus on Sustainable Growth
Growth is great—but only if your business can handle it.
Before expanding, ask:
- Do we have the capacity?
- Do we have the cash flow?
- Do we have the right systems in place?
A steady, well-supported growth plan will always outperform rushed expansion.
For current updates, visit the ATO Small Business Newsroom
Final Thought
Every business is different, and there’s no one-size-fits-all approach. But taking the time to review, plan, and act early in the financial year can make a real difference to where you end up.
If you’d like tailored advice from experienced Accountants In Hobart, the team at Hills Accounting is here to help.
Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs. For advice tailored to your circumstances,
have a chat with us at Hills Accounting Hobart.
Talk to Kathy and the team today and stay ahead with Hills Insights.
Call Now! 03 6273 7800, or email admin@hillsaccounting.com.au.
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