5 tips for the end of financial year

The next few days is likely to be a stressful time for some businesses, with the end of the financial year fast approaching. 

While some lucky companies will be expecting a calm end to proceedings, others may be finding themselves in a race against time to get everything done. Below are some simple tips and tricks to ensure your business development doesn't suffer during the end of financial year proceedings. 

1. Review the next year's outlook

Although the end of financial year will be a time to reflect on the year just passed, it's also the perfect time to look forward. Have a discussion about what went wrong and what went right when finalising this year's processes and make a plan to focus on these issues in the future. 

2. Check to see if you are eligible for tax deductions

To ensure you get this right, it's worth enlisting tax agent services. Tax regulation can be a minefield for inexperienced businesses owners.

With tax deductions, the aim is to save your business money. Doing this incorrectly could have the opposite effect and undo a lot of hard work. 

3. Secure all files and important information

While not strictly a piece of financial advice, this tip could save you money in the long run and make the end of the next financial year much easier.

It's safe to say that all businesses rely on computers for some part of their daily operation. If these fail in any capacity, it could put your records at risk. These can be backed up to another hard drive or on to cloud services to keep them safe. 

4. Ensure you're up-to-date on tax changes

The end of financial year is not just a time for businesses to change. Next year could see the debut of new or altered regulations that may affect your business plans. 

5. Review your compliance procedures

Last, but not least, ensure that you have ticked every box, dotted every 'i' and crossed every 't' on any yearly reports that are due at this time. 

Not only will this prevent future headaches, it will also allow you to get a comprehensive overview of how your business has performed over the past year.