May 22, 2013
Accounting & Taxation, Financial Strategy, Improve Cashflow
We are fast approaching the end of the financial year,
And now is the time to take stock and review the financial performance of your business to date. Over the coming weeks, you will have an opportunity to review your financial performance, and put in place appropriate strategies to ensure you pay no more tax than you should and/or to start making plans for the next financial year.
Interim financial statements can be useful for many reasons including:
- reviewing your profitability and putting in place strategies to improve profit
- reviewing your cashflow position and preparing cashflow budgets
- comparing your figures to industry benchmarks
- budgeting for potential tax liabilities
- tax planning (including varying PAYG instalments where necessary)
- assisting in obtaining finance
- providing income estimates for Centrelink purposes.
For those businesses that may have profits (many are often surprised at profit levels once adjustments are made for capital, personal and other payments), understanding what the potential tax liability will be for your business and allowing time for tax planning may save you thousands of dollars.
At the very least, it will assist you in the preparation of your budgets and cash flow projections for the coming financial year.
All you need to do is to ask us about getting started and we will then let you know what information we require.
Contact us asap to book your Year-End Planning meeting,
before we're all singing 'Happy New Fin Year...'