To help you get ahead, here are our suggestions to help you prepare for the start of the new financial year on April 1st.
Planning for your new financial year
Budgeting and Planning
- Update or create a business plan that outlines your mission, vision and goals
- Look at the forecast and current budget then develop a comprehensive budget including predicted income, expenses and capital expenditure.
- Get as much information as you can about the year ahead, so that you feel prepared in terms of forecasts and business goals.
Tax Planning and Compliance
- Evaluate potential tax-saving opportunities and strategies
- Check that you’re compliant with tax regulations and deadlines
Performance Analysis
- Be brutal with previous year’s financial performance to identify strengths, weaknesses, opportunities and threats
- Analyse your key performance indicators and set goals for the year
- Get creative about opportunities for growth or expansion
Marketing and Sales
- Make sure that your marketing activities are aligned with your business goals and you have KPIs to track marketing spend and effectiveness
- Set sales targets and put a forecasting system in place that will help with your cash flow forecasting
IT and Cyber Security
- Assess your technology infrastructure and plan for necessary upgrades and investments
- Don’t avoid cyber security and put in place the essentials to keep your and your business secure
There are many other elements to your planning process, and this will depend on the stage of growth you are at and the sectors you work in.
We’d love to help you with your planning processes so do talk to us!
You can find your AIMS accountant here.
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