hit the ground running in 2023 with our helpful end of year tips
End of Year Tip Number One
Ensure your bookkeeping is up to date for 2022 so you don’t have to spend time chasing your tail next year. This will include entering all your expenses, costs and receipts for this quarterly period. Scanning all of your documents and receipts for 2022 will also help make compliance and reconciling in your cloud-based software easier.
Now is also a great time to ensure you have your ducks in a row for STP Phase 2. If you’re a MYOB user your deadline is 31/12/22 and if you are a Xero user your deadline is 31/3/23. If you need any assistance with this, our team of bookkeepers are available for consultations, training and assistance.
End of Year Tip Number Two
Help ensure your accounts and cash flow reconcile properly by billing all work completed for this quarter. Invoicing work carried out in the period it has been completed will help immensely when wrapping up your quarterly accounts.
End of Year Tip Number Three
Ensure your accounts payable is up to date and any bills or invoices that are due to be paid during your time off over the holiday period are paid in advance or direct debits are organised. This will help when reconciling the quarter as well as help you avoid any late fees.
It is also a good idea to run an aged debts report to identify any outstanding customer payments and send out any necessary reminders.
End of Year Tip Number Four
It’s time to set some goals! As a business owner, it’s important to look ahead rather than just focusing on what comes across your desk. This time of year is a great opportunity to reflect on 2022 and what worked well and areas you can improve on in 2023.
When setting your goals, remember to keep the SMART framework in mind: Specific, Measurable, Achievable, Realistic and Timely.
Once your goals are set, the next important step is to communicate this with your management team and your employees. This will help ensure everyone is clear on your vision and how to get there.
Next, you’ll want to create a business plan to help you cement your goals, and action plans and measure your successes along the way.
End of Year Tip Number Five
Check in with your adviser or bookkeeper to ensure all your boxes are ticked, your accounts are accurate and your business plan is foolproof and plays to your strengths. If you have any questions or would like to set up an end-of-year meeting with our advisers or bookkeepers please call 1300 667 897.
We’re Here to Help
A chat with one of our advisers could make the world of difference to your business or personal finances. Please contact your adviser on 1300 667 897.
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A special thank you to the Bentley’s team for preparing this analysis and allowing us to share it with you. Special mention goes to Simon How, Dean Steer, Mike Burfield, Vicki Cremona, Darren Lee, Tomas Mackay, Sonia Mascolo, Shari Neagle, Ross Prosper, Michael Rica, Michael Senchenko and David Spurritt.
All material contained herein is written by way of general comment. No material should be accepted as authoritative advice and if you wish to act upon the material contain herein, you should contact The MBA Partnership for properly considered professional advice which will take into account your own specific conditions. No responsibility is accepted for any action taken without advice by readers of the material contained herein.