There’s no better time to get your finances in order and strategies in place to increase your business profits as we start a new financial year. Bartercard can help make the road to tax time a little less bumpy with these top financial year tips.
Leaving your tax to the last minute creates way too much stress and makes it easy to slip up and miss important tax-savings. Start early and put things in place now for the new financial year.
Decide what systems and processes you need to support your goals, especially if you have plans to expand or take your business in a new direction. Enlisting the support of professionals early on can save you headaches down the track as your business grows. Bartercard can introduce you to experts in every area of business and show you how to pay for their services with trade dollars instead of cash!
Set up good habits
Look at the areas of your tax-time practices that could do with an overhaul. Deciding to implement best practices now, will make your job (and your accountant’s job) much more efficient in the coming years. A little extra time now will pay dividends in the future by freeing up your time to focus on the growth of your business.
Areas to focus on might include:
- Consolidating and reducing debt – look at ways to reduce your debt and your interest payments.
- Investing in higher quality – instead of taking the cheaper options for your business, spending more now can save you more later and make your investment work harder and smarter.
- Track your expenses daily. It’s easy to get caught in the trap of being too busy to look at your figures. Keeping a close eye on them daily enables you to pick up problems or opportunities early and act on them.
- Create a budget and cash flow forecast. Mapping out your financial needs for the future is essential if you’re to avoid a cash blow out. Planning for a worse-case scenario can save your business from going under.
If you’re still taking a boxful of paper receipts to your accountant, it may be time to get a little help! There is simple accounting software that allows you to photograph and file your receipts. If you back up your system, you’ll always have access to them.
Moving to the cloud might also seem a massive leap in your mind, but once you’ve shifted, you’ll wonder why you didn’t do it sooner. Seek out a professional who can assess your needs and provide your business with a seamless transition. You’ll find many service providers through the Bartercard network and you’ll keep cash in your business when you pay them with trade dollars.
Bartercard can integrate with your existing systems
It’s important to ensure all your financial systems are talking to each other and providing the reports you need at tax time and all year round. The Bartercard system is linked with Xero and MYOB which makes reconciliation easy and avoids the need for entering transactions in manually. Bartercard can show you how to set up your accounting system to flow smoothly from the get-go.
Save cash by using trade dollars for business expenses
Bartercard can help you keep more cash in your business which is all important at any time of year! As a member, you pay for products and services offered by other members using trade dollars instead cash. You can then use those trade dollars to offset cash expenses in your business. It’s a win no matter which way you look at it.
Once you’ve paid for your fixed costs such as rent, wages, phone, and electricity you can pay for many of your other expenses using your trade dollars – even stock which you can on-sell for cash.
Pay for your marketing and advertising to build your business, invest in new fixtures and fittings or a complete overhaul of your computing system. And of course, the professional services mentioned previously can all be found in the Bartercard member network – especially accountants!
Get in touch
Contact us and find out how Bartercard can assist your business through the new financial year.