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Make smarter business decisions with the information you really need at your fingertips. It's time to get organized, tick the compliance box, and set your business up for success in 2025.

It might not be your favourite task but trust us when we say that as we approach the end of another financial year, now is the time to get your accounts in order. Whether this past year was a tough one or business remained steady, there are key reasons to ensure your financials are up to date sooner rather than later.

Here’s why acting now will put you in the best position for the year ahead:

Get informed

Your financial statements aren’t just for tax purposes – they’re a valuable tool for business planning and decision-making. The sooner you have your accounts squared away, the sooner you can use the data to assess your financial health, set budgets, and strategise for the new financial year. Delayed financials mean working off outdated information, making it harder to plan effectively. Act now to work with meaningful data and make better business decisions.

Get visibility

If 2025 wasn’t as strong as 2024, your provisional tax payments for the upcoming year may need adjusting. Many businesses pay provisional tax based on their previous year’s results, meaning if your profits were down, you could be overpaying. On the flip side, if things picked up, you don’t want to be caught short with a surprise tax bill. Getting your house in order at year end will give you clear visibility over your tax obligations and allow informed decisions before payment deadlines roll around.

Get a smooth start

A well-organised end to the financial year sets you up for success in the next one. With accounts closed off early, you’ll have time to review systems, tidy up outstanding matters, and start the new year on the front foot. This is especially important if you’re considering growth, restructuring, or investing in new opportunities.

Get peace of mind

Let’s face it—having your financials hanging over your head can be stressful. By wrapping up your accounts early, you can enter the new financial year with confidence, knowing exactly where you stand. No surprises, no last-minute scrambling - just clarity and control over your business.

Get it done

Don’t wait until the last minute. Pull together all your relevant documents, ensure everything is reconciled, and get your information to your accountant. If you’re unsure about anything, reach out—we’re here to help make the process seamless and stress-free.

Yes, getting your financials sorted is a requirement, but it’s more than just ticking a box. It’s about making smart business decisions and setting yourself up for success. Wrap up the financial year the right way so you can start the next one with clarity and confidence.

Not sure where to start? Work through our end-of-year checklist:

  • Reconcile Your Accounts – Ensure bank, loan, and credit card balances match statements
  • Follow Up on Invoices – Chase overdue payments and write off bad debts if needed (remember these need to be written off your system prior to year end!)
  • Pay Outstanding Bills – Ensure all supplier invoices are entered and paid
  • Check Your Inventory – Do a stocktake and write off any obsolete or damaged items
  • Review Fixed Assets – Record new purchases, disposals, and apply depreciation
  • Finalise Payroll – Ensure wages, bonuses, and leave balances are correct
  • Plan for Next Year – Clarify goals and update budgets
  • Talk to your accountant – Make a plan for the year ahead

Tick these off and start the new financial year strong!

 

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