The start of a new financial year is the right time to start preparing your business for the fiscal year 2019-2020.
Implementing a smart and proactive plan plays a pivotal role in ensuring finances are in order, and your business is well prepared for the year ahead. Here are some tips that will help you get control over your finances for the year 2019-2020:
1. Get Everything in Order
Get organised – Plan ahead for goals and deadlines. Make sure you keep things simple; a monthly or quarterly planner is helpful for mapping out the last dates of your tax obligations.
2. Be aware of your Cash Flow
The start of the new year is an excellent time to utilise the knowledge of your company’s cash flow to plan a budget for the coming year. Being aware of when cash flow crunches occur will put you in a better position and help you avoid the difficult times.
3. Go Beyond the Budget
Financial planning is more than just preparing a budget or reviewing your gains and losses. The plan should reflect the current situation and effectively address your future needs and wishes. You should also review areas like estate planning, risk management and emergency fund strategies. This process will help you take a snapshot of your current scenario and help you improve more profits in future. Moreover, one of the most important things is to monitor and update your plan over time to make it more relevant for the needs of your business.