In-House vs Outsourced Bookkeeping - Best practice to start the financial year

5 Tips to Start the New Financial Year Strong

The new fiscal year is an exciting time to start fresh and set some new goals for your business. Whether you are looking to make more money, get out of debt or just invest in your future, there are plenty of things you can do to get started. In this blog post, we will discuss 5 tips that will help you get on the right track and achieve your financial goals!

  1. Be Smart with Your Tax Liabilities

If you are expecting a big tax bill this year, do not be afraid and ensure you have a good cash flow and pipeline. Use your cash wisely and this will benefit you overall. Whether it is paying off debt, saving for a rainy day or investing in your future, make sure you use your cash wisely.

  1. Keep on Top of Your Tax Obligations in Real Time

One of the best ways to stay on top of your finances is to keep on top of your tax obligations in real time. This means preparing for your tax returns as soon as they are due and making sure you are up to date with any payments. By doing this, you will avoid any nasty surprises come tax time.

  1. Forecast Your Quarterly Savings and Expenses Plans

If you want to save money effectively, it is important to forecast your quarterly savings and expenses plans. Create a budget for each expense head and try to stay in budget. This means when you spend within your budget you are setting aside a certain amount of money each quarter that you will put into savings. By doing this, you will be able to make the most of any interest rates and you will be less likely to dip into your savings account or debt when unexpected costs come up.

  1. Diarise A Monthly Money Review

Make sure you diarise a monthly review of your finances. This is the perfect time to check in on your budget and make sure you are still on track. It is also a fantastic opportunity to reflect on your spending habits and see where you can cut back.

By doing this, you will be able to stay on top of your finances and if there are any surprises you can mitigate them by taking corrective measures in the next month.

  1. Set Some Goals

The best way to achieve financial success is to set some goals. Whether you are looking to save for a purchase or want to invest in marketing, pay off your debt or just build up your emergency fund, setting some concrete goals will help you stay focused and on track.

It is important that you work with an experienced partner to help you navigate through this journey and make better financial decisions backed by numbers. A good bookkeeper can help you make a solid plan of action.

We hope you found this blog post helpful and that you will be able to use these tips to achieve your financial goals. If you have any questions, please do not hesitate to reach out to us!

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