Strengthen Your Year-End Financials: Steps to Close the Year on a High Note
With the end of the year approaching, it’s the ideal time to strengthen your financials for a confident start in January. This article is the second in our series talking about how positive steps to end the year strongly can set you up for smoother cash flow, better financing opportunities, and better strategic planning.
Why Strong Year-End Financials Matter
Year-end financials reflect your business’s overall performance, helping you make informed decisions that fuel growth. For business owners, strong year-end financials can mean smoother loan approvals, easier access to new funding, and greater flexibility in making future investments. In Australia, as we approach Christmas, we are only half way through the financial year but now is the time that you can start to make a difference to your end of year result.
Key Steps to Strengthen Your Year-End Financials
- Reconcile Accounts: Ensure accounts payable and receivable are fully reconciled. Follow up on outstanding invoices to improve cash flow.
- Optimise Inventory: Analyse stock levels and identify items to move before year-end. Consider promotions to increase revenue and reduce storage costs.
- Maximise Tax Deductions: Either before the end of this year, or early in the New Year, get together with your accountant to explore year-end tax strategies to offset any tax obligations. Consulting with your accountant or financial advisor now can help minimise liabilities when you get to the end of the financial year.
- Evaluate Your Business Goals: Revisit the goals you set at the start of the year. Assess any gaps, and use this insight to set actionable goals for the new year.
Looking Ahead: A strong finish translates into momentum for the new year. At Proteger, we’re here to guide you through each of these steps. Reach out to start your year-end check-up!
