With the budget announcement coming up and the end of the financial year fast approaching, we wanted to give you our advice on how best to prepare and what you should be thinking about.
You should be considering:
- What were the profits made in that year? Are the profits in line with what was forecasted?
Accurate forecasting and regular reviews of profits and sales will help you to identify what you need to be doing in the coming financial year to get the best results possible.
- Forecast what you are hoping to make in the next financial year.
This will help you to plan accordingly, creating targets for monthly and quarterly figures.
- Review your customer base potentially to see ways of increasing your customer portfolio.
Take a close look at your current customers and do some in depth market research to help you identify how to reach more people. If you want to expand your customer base this is the best way to start, it will help you to avoid wasting time, money and opportunities.
- Prepare a cash flow to see what the cash position is.
This will help you to establish what your current situation is, where money is being lost and saved meaning that you can assess your position fully.
- Assess your cash position (but this should be done on an on-going basis)
Doing this on a regular basis will enable you to see where you can make changes to improve your cash flow.
- Consider your tax position.
- Get your financials in order.
- Get records together:
-Creditors in order
9. Get accounts prepared for the auditors providing supporting evidence/ documents to confirm company accounts.
Reviewing these things should help you to prepare better for the coming financial year and should help you to avoid any end of year headaches.