10 Ways to Prepare Your Business for the New Financial Year in Australia

The new financial year is a big one for Australian business owners. It’s the time to review what’s worked, set new targets and implement strategies to grow and succeed in the year ahead. 

As a Melbourne business accountant, RDV Business Solutions knows how important it is to be proactive with your finances. Here are ten things you can do now to get started.

1. Review and Update Marketing and Sales

The new financial year is a great time to review your current marketing strategies and see how they performed. 

Take a close look at your marketing from the previous year and identify what needs to be improved. Consider new ways to grow, such as diversifying your marketing channels or targeting new customer segments. 

Need help with your marketing strategy? Contact RDV Business Solutions for expert recommendations.

Checking your financial performance from the previous year is key to finding trends and areas to focus on. Analyse your key financial metrics – revenue, expenses, profit. Look for patterns and anomalies that need to be investigated. 

RDV Business Solutions can help you review your financial performance and provide guidance on what to do.

3. Update Your Tax Planning

Updating your tax planning is critical with the stage 3 tax cuts coming in from July 1, 2024. 

Get to know the new tax brackets and how they affect your business. Consider what you can do to optimise your tax position under the new rules. 

RDV Business Solutions has tax planning and compliance expertise to keep you updated with the changes. Stay updated with tax changes with our tax planning services.

4. Use Government Incentives

The Australian government has extended the instant asset write-off so small businesses can improve their cash flow. 

If your business has an annual turnover of less than $10 million, you can claim the full cost of eligible assets under $20,000. Use this to invest in assets that will grow and streamline your business. 

At RDV Business Solutions, our business accountants can help you through the process and get you the most out of government incentives. Contact us today to maximise your benefits.

5. Get Your Compliance and Records in Order

With the ATO cracking down on compliance, ensure your record-keeping is on track. Set up systems and processes to keep your records up-to-date and accurate. This will avoid late lodgment fines and penalties. 

RDV Business Solutions can help you get your compliance and record-keeping in order so you meet all the regulations.

6. Set New Financial Targets

The new financial year is the perfect time to set new financial targets for your business. Think about your revenue growth, cost reduction and profit improvement goals. Create a plan to achieve those goals and break them down into action steps.

Achieve your financial goals with our expert financial planning services.

7. Review and Update Budgets

Take the time to review and update your budgets based on your past performance and new financial targets. Create a detailed budget that covers all your expected income and expenses. Monitor your actual performance against your budget to identify variances and make adjustments. 

RDV Business Solutions can help you create and manage budgets for your business.

8. Review and Upgrade Your Accounting

Sound accounting systems are crucial to streamlining your financial management. Review your accounting software and practices to see if they meet your business needs. Consider upgrading to more advanced systems that give you real-time insights and automate tasks. 

RDV Business Solutions can help you review and recommend accounting systems for your business.

9. Get Professional Advice

Consult with a professional accountant or financial advisor to get expert advice on your financial management. They can help you identify areas for improvement, ensure compliance and provide personal advice for your business. 

RDV Business Solutions offers advisory services to help you navigate financial management and grow your business.

10. Have Regular Financial Check-Ups

Rather than waiting until the end of the financial year to review your financial performance, set up a schedule to do regular financial health checks throughout the year. This proactive approach will allow you to identify issues early and make adjustments to keep your business on track. 

RDV Business Solutions can help you set up a schedule for regular financial health checks and ongoing support to keep your business financially healthy.

Start Your 2024/25 Financial Year With Confidence

Starting the new financial year with a proactive and strategic approach to financial management can set your business up for success. 

Implementing these steps can significantly enhance your business’s financial health and readiness for the new financial year.

At RDV Business Solutions, we are committed to providing personalised and expert guidance to help your business thrive. As a leading Melbourne business accountant, we understand Australian businesses’ unique challenges and opportunities. 

Contact us today to discuss how we can assist you in preparing for the new financial year and achieve your goals.