Prepare for The End of The Financial Year

When running a business, even a small one, the end of financial year is normally the toughest time. You have to calculate all the things from the bottom line number to the tax return and other obligations. You also have to pay the due debts, collect the bad debts and file required documents to the Inland Revenue Department in time to avoid penalties. This time is so stressful that you may focus only on the short-term goals one by one and forget to form a thorough plan. Hence, before blindly jumping on the battle, look through all the tasks and see what you can do or should have done to handle them better.

Looking for improvement

You should not always deal with deadlines spontaneously. What you should do is to keep calm and think over all the tasks you have to do. compare with your prior experience to find some potential improvements. Do not work in your business, try to work on your business.

The end of the financial year is the chance to reconsider client relationship. It is the opportunity to evaluate old and new potential or risky business areas. From those considerations and evaluations, you can draw some conclusions to make necessary alterations so that your business work is more efficient, more ultimately and mutually beneficial.

It is not the end

If you look at it from an optimistic angle, the end of financial year is not the end but the beginning of a whole new year. It is time to refresh your business. For example, many contracts with employee and client due at the end of the financial year and you will have to decide whether to lengthen them to the next year or not. Do not think that every client is your source of benefit, some even hold your business back. In contrast, for the potential clients, you need to find ways to satisfy them better to keep them stay. Hence, before renewing the contract for the new year,  try asking yourself and your team:

  • Whether this client is GST-registered or not?
  • Whether this client is in debt or not?
  • Whether your level of fee is complained by this client or not?
  • Whether you have difficulty in getting client information or not?
  • Whether you are making mistake to send this client away or not?


Potential changes

The time before the end of the financial year is for planning. Whereas, the time after the end of the financial year is for implementing that plan. Make solid resolutions to refresh your business:

  • New engagement letters: clearly state the role and responsibility of each member in each process.
  • Client information: make sure you get all the necessary client information right from the beginning so that your working process will not be interrupted.
  • Management software: use software that helps you remind yourself and your team about working processes or important events and keeps all your tasks on track.
  • Time-saving tools: use tools like cloud software which automates many of your manual processes so that you have spare time to deal with other jobs.

Remember that do not treat the end of the financial year as the deadline, treat it as a new fresh start then you will not get tensions anymore. Prepare a thorough plan, make innovative changes and the next year will sure be easier for you.

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