OUT WITH THE OLD AND IN WITH THE NEW

With the new financial year only a few weeks away, Hills Accountants in Hobart is here to guide you through a season brimming with opportunities. Whether you’re an established business or a newcomer, the start of a new financial year is the perfect time to review, strategise, and set your business up for success. Here are six essential tips to help you thrive in the coming year.

1. Optimise Your Tax Planning

Kick off the new financial year with a solid tax strategy. Take advantage of government concessions, deductions, and asset write-offs. Regularly review your profit and loss statements and monitor your revenue to maintain healthy cash flow. Consult with your accountant to ensure you’re making the most of all available tax benefits.

2. Leverage Asset Write-Offs

With the end of the popular instant asset write-off scheme on 30 June 2023, an adjusted scheme was introduced on 1 July 2024. The problem is that the rules can change at the drop of a calculator, so make sure you speak with us to determine your eligibility and navigate the new rules effectively.

3. Evaluate Your Systems

A new financial year is an ideal time to scrutinise your business systems and processes. Identify areas where efficiency can be improved. Are there technologies available to streamline or automate your operations? Eliminating bottlenecks and redundancies can lead to smoother, more efficient workflows.

4. Develop Effective Growth Strategies
Understanding your business’s performance is crucial for growth. Analyse past data to identify successful strategies and areas needing improvement. Consider investing in staff, supplies, or equipment to meet your goals. Regularly update your business plan to stay focused and on track throughout the financial year.

5. Revisit Your Insurance
Review your insurance coverage to ensure it meets your current needs. Understand your compulsory insurance requirements and explore whether better deals are available. Personal insurance can safeguard your income in case of illness, and various other insurance types may be essential for your business.

6. Track Your Business Performance
Proactively monitoring your business performance, cash flow, and trends is key to anticipating and addressing challenges before they become critical. Use past data to understand what worked and what didn’t. Identifying sales, turnover, and productivity patterns can help you to create a comprehensive picture of your business’s health.

By applying these six tips, you can set your business on a path to continued success and growth in the new financial year.

Remember, these tips are general guidelines and should not replace professional advice. Every business is unique, so it’s important to get tailored professional advice to meet your specific needs. That is where Hills Accounting becomes your best friend.

For personalised assistance and expert advice, email Kathy at kathy@hillsaccounting.com.au or call 03 6273 7800