Rising Tide Blog

Getting prepared for a successful new financial year

Posted by Matt Hale

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Did you find yourself descending into a state of panic in the lead up to June 30 this year?  It’s time to learn from last year’s mistakes and take the time now to get yourself set up so that you don’t find yourself in the same position at the end of this financial year.

Here are a couple of things that I reckon are worth ticking off by the end of July:

Revisit your business plan

If you’re a business owner, the beginning of the financial year is the perfect time to revisit your business plan and make adjustments where needed.  What worked last year?  What didn’t?  Could you benefit from a slight change in direction?  Do you need to increase the amount of marketing you’re doing?  Take the time to reflect on the financial direction you’re going in and remember, if you’re not making money, at the end of the day you’re just a person with some fancy business cards.  Figure out what direction you need to move in to ensure your business is as financially successful as possible and do it!

Have a look at your budget

Whether you’re a business owner or a salaried employee, it’s important to establish a budget for the year to come and ensure that you stick to it.  The ATO has a great, free to use budget planning tool for individuals on their Money Smart website that you can access here.  I really recommend taking a good, hard look at your regular expenses and identifying what is unnecessary and where you can cut back (takeaway coffees, gym memberships etc.).  If budgeting isn’t your strong point, don’t be afraid to ask your financial planner for some help.

Start using digital financial management tools

Managing your personal and business-related finances has never been easier thanks to the plethora of digital financial management tools that are out there.  Expensify, an app that allows you to take photos of receipts and store them digitally is a favourite of mine and it’s hard to beat Xero for bookkeeping and financial management for businesses.

Set new financial goals

It’s important to have financial goals that you are constantly working towards.  Whether it’s saving for a holiday or committing to making your own super contributions every month, the main thing is that you have a clear idea of what you want to achieve.  If you’re not sure where to start, once again, it’s a good idea to have a chat with your financial planner and ask for some help.