How Your Business Can Prepare for the New Financial Year
A new financial year is the perfect opportunity to take stock of your business’s finances, set fresh goals and ensure you’re in the best possible position for success. From reviewing past performance to optimising tax efficiency and improving cash flow, a little preparation now can make a big difference in the months ahead. Here’s how your business can get ready for the new financial year.
Review the past year’s financial performance
Before looking ahead, take time to review your business’s financial performance over the past 12 months. Identify what worked well and where improvements can be made. Key areas to assess include:
Revenue and profit trends
Cash flow highs and lows
Major expenses and whether they were necessary
Outstanding debts or unpaid invoices
Understanding these factors will help you make informed decisions about your financial strategy for the coming year.
Optimise tax planning and compliance
Tax efficiency is crucial for keeping more of your hard-earned money within the business. Before the new financial year begins, ensure that you’re making full use of tax allowances and reliefs, such as:
Claiming all eligible business expenses
Making pension contributions where applicable
Checking if you qualify for tax relief schemes or investment incentives
Ensuring VAT returns and corporation tax filings are up to date
If tax planning feels overwhelming, we can support you by identifying opportunities to save money whilst remaining compliant with HMRC regulations.
Set clear financial goals
A new financial year is the perfect time to set realistic and measurable financial goals. Whether you want to increase revenue, improve profit margins or reduce operational costs, defining clear objectives will give your business direction. Make sure that your goals are SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) to keep your team focused and accountable.
Strengthen cash flow management
Even a profitable business can struggle without proper cash flow management. The new financial year is a great time to put systems in place to keep cash flowing smoothly.
Improve invoicing processes to ensure faster payments
Negotiate better payment terms with suppliers
Build a financial buffer for unexpected expenses
Regularly monitor cash flow forecasts to anticipate shortfalls
Prepare for growth and investment opportunities
The start of a new financial year is the ideal time to plan for business growth. If you’re considering expansion, securing funding or hiring new employees, make sure that your finances can support these goals. Reviewing available funding options, such as business loans or grants, can help your business take the next step with confidence. If you’re not sure how to do this, the team at TreyBridge Accountants is here to help.
Get expert financial guidance
Working with an experienced financial consultant such as TreyBridge Accountants will help you to optimise tax efficiency, improve cash flow and create a strategy for sustainable growth. All you have to do is get in touch and we'll talk you through your options.
Tagged as: Accountancy, Accountancy Tips & Advice
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