Tips for flying through the end of financial year
The end of the financial year is a far more exciting time in business for me than the beginning of the calendar year. It's a time when we're usually in full flow in our business and we are super clear about what we want to bring through in the second half of the year.
It's a great time to take stock, to get our financials sorted and plan for the coming financial year.
Stepping into being an entrepreneur means prioritising profit and managing your money. If you haven't been across this then ask yourself, "I am ready to make the new financial year my time?"
If the answer is yes then get excited to get across it! I like to gamify my numbers to make it more fun. Meeting them from a place of curiosity and intrigue.
Here are some ways you can get a headstart on the new financial year:
Start organising your accounts now so that you’re ready to lodge your tax return sooner rather than later… it’s potentially money on the table waiting for the taking!
Consider switching to a new accounting platform if you’re unleveling (Xero!)
Is it time to find a new accountant? Now is a great time to do your research… may not be the same accountant that you used for your personal income tax return.
Consider your business structure - the commencement of the financial year is a great time to restructure if you are considering moving to a trust or from a hobby business to a sole trader.
Do you need to register for GST? You must register for GST: when your business or enterprise has a GST turnover (gross income from all businesses minus GST) of $75,000 or more
Professional development expenses
Consider investing in professional development programs and business coaching before the end of the financial year so that you can offset it against your income in your upcoming tax return rather than having to wait a whole other year.
More money tips and tools in my brand new freebie: The Ultimate Start-Up Checklist for coaches, healers, and soulful consultants working towards $5K-$10K months!