The start of a New Year can see us setting exciting business goals for the year ahead. While it’s recommended to always have healthy habits regarding your business’s finances, the new year is often a suitable time for a review. The new year puts us just over half way through the financial year, therefore can be a timely reminder to check your finances, forecasts and make changes if necessary.
- Become familiar with legislative changes that will impact your business
- Mark your diary and set dates for the year ahead
- Review your tasks against your time and outsource if needed
Become familiar with legislative changes that will impact your business
It is important familiarise yourself with any upcoming or recent legislative changes and your obligations around these. Fairwork administer a number of laws and regulations that govern Australia’s workplaces as does the Australian Taxation Office (ATO). If you need help or advised to understand or implement these changes reach out for specialised help.
Mark your diary and set dates for the year ahead
The new year is the ideal time to get organised and mark your calendar with important dates in the year ahead. These can include both personal and professional commitments. For business, due dates for financial reporting, business forecasting and regular meetings are a good place to begin. Personally, it may be marking birthdays, school holidays, family holidays. Setting dates for the year ahead can help you start the year organised and stay organised as the year goes by.
Review your tasks against your time and outsource if needed
A positive work life balance is encouraged. The new year can be the ideal time to look at the number hours per week you want to work in comparison to the number of hours you will need to work to complete all your tasks. If there are simply not enough hours in your day or week to perform all your duties, outsourcing can be beneficial. Most business owners are talented and skilled in their chosen industry, but don’t have the expertise or experience to efficiently complete other essential parts of running a business such as financial management, IT or marketing. Outsourcing these to professionals in their industry, can be a smart business decision.
FREED UP Accounting & Bookkeeping Solutions main principal is a registered BAS agent and is available to help with the ongoing financial management of your small business.
At FREED UP Accounting & Bookkeeping Solutions, our main principal, Naomi is a registered BAS Agent (#25959844) with the ATO. She is also a qualified Accountant with a Bachelor of Financial Admin (Accounting) and a member of the Institute of Certified Bookkeepers and the Australian Bookkeepers Network.
Proudly servicing Perth and regional areas of Western Australia, our team at FREED UP Accounting & Bookkeeping Solutions are experts in providing innovative advice for small businesses. Call our team today on 0438 977 767.