Have you prepared a financial new year's resolution?

The month of June could signal a stressful time for businesses across the country. With the end of the financial year now in sight, companies will be in a rush to tie up loose ends before it all starts again in July. 

Over the the next month, it's worth taking time to work out what you need to do to prepare for the next financial year. No other profession is lucky enough to be offered two chances at their new year's resolutions, so you might as well make the most of it!

Call your accountant

Everyone should consider giving an accountant a call at this time of year as most issues will require professional guidance to solve. It's better to address any concerns before the next financial year begins, allowing you to be on the front foot from the get go. 

This is especially important this year, with many businesses needing to review their operating procedures in the wake of changes brought by the Federal Budget. 

Examine your cash flow

Did your business go through a rough patch due to late or nonexistent payments? The good news is you're not alone, with plenty of companies around Australia experiencing similar issues. 

This doesn't make the problem any less serious, however, as anything that is likely to hold up your cash flow adds unnecessary risk to your operation. Business owners should use this time to review any previous complications, and put measures in place to reduce the chances of them arising again. 

Review superannuation funds

Although it may seem like it's so far away that you don't need to worry, everyone should at least have some semblance of a retirement plan set up. If you've been putting off starting a super fund, the upcoming new financial year is the perfect incentive to get things sorted. 

Those whose funds are ticking along nicely should review the latest regulation changes to ensure they are prepared for any changes on the horizon.