Now that we’ve got through January, many businesses are preparing for the start of the new financial year, reviewing performance and budgets. 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
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.