By XAVIER SMERDON
WHILE the end of the financial year can often mean a daunting thought of going through a pile of receipts, Wyndham businesses are being encouraged to use it as an opportunity to prepare for the future.
Werribee bookkeeper Angela Liu from First Class Accountants said the period between now and 30 June offers the perfect opportunity to reflect on the last 12 months and develop a solid growth strategy for the coming year.
“The new year presents a fresh start and requires a strategy to ensure your business is as profitable as it can be,” Ms Liu said.
“Planning for the next financial year helps reduce financial risk, helps lead to business growth, encourages you to prioritise and focus, and prepares you for every eventuality.
“Use the time between now and June to sit down and see what worked for you, what hasn’t and what you would like to improve on over the next 12 months.”
Ms Liu created a list of her top tips to help businesses in Wyndham plan for the year ahead.
Her first tip was to organise records to avoid panicking at tax time.
Her second tip is to set new financial goals and her third is to review business plans.
“Now is the perfect time to assess your progress over the last 12 months. Look at if you achieved your targets and if you didn’t, do you know why not?” she said.
“Set targets that will stretch you, not stress you.”
