Back to business? 4 tips for your small business to kickstart a fresh financial year.

While the coronavirus environment hasn’t completely passed, some businesses are now starting to reopen. It’s a much needed sign of hope that things are slowly returning back to normal - even if it’s a “new normal”.

The start of a new financial year is also a good time to pause, plan and take a look at a few steps that could help your business get ready for the year to come.

It’s tax time of year  

This checklist can make completing your tax return a bit easier. We’ve also included some considerations for small businesses disrupted by COVID-19. As always, seeking professional advice is essential - whether it’s tax, accounting or financial advice, it can help prepare you for tax time this year and into the future. Small businesses can also access a range of concessions. It’s important to catch up on a number of important tax changes.Your tax professional can help you understand any changes.

Review your finances and look at your cash flow 

Take some time to look at your cash flow and prepare a budget for the year to come. It’s important that you plan and monitor your cash flow. A cash flow forecast should include any issues that may affect your expenses or revenue, such as quiet periods for the business or certain big expenses.  Every month, you should track your cash flow, compare it with your forecast, and make adjustments to your forecasted budget as and when required.

Evaluate your funding needs

Business Loans are one way to finance a variety of small business needs - from expansion needs like buying new equipment and hiring new staff, to improving cash flow with invoice financing. At Mortgage Choice we offer expert advice in helping you understand the finance options available to you including small business loans, equipment finance and commercial property and do all the legwork in sourcing the right business loan for your needs.

Don’t forget your business insurances

Your business’ needs might have changed since you took out your original policy and may not be sufficiently covered. It is important that you take the time to review your insurance policies and here are some common reasons: you have renovated your premises, you have bought new equipment, your staffing numbers have changed, you have hired contractors and subcontractors or your revenue has changed.