Preparing for End of the Financial Year (EOFY) information can often feel stressful. It can be overwhelming, and it can make the EOFY feel daunting. There are reports to review and receipts to sort out, and you need to make sure you have all the correct information about your income and expenses.
However, the end of the financial year isn’t just a time to collect receipts and find invoices. It is also a time to reflect on how the past year went, what worked and what didn’t, and what you need to change for next year.
Here are 3 tips so that you can make the most of the end of the financial year.
Consider reorganising your files
One of the most overwhelming parts of the end of the financial year is locating all the receipts, invoices, and reports you have collected over the year and need to file your tax return correctly. So pay attention to how easy it was—or wasn’t—to find what you needed this past year.
Did you have to search ten different places for all your receipts? Did you have a combination of physical and digital invoices? Do you have you have clearly labelled folders for everything? Did you leave everything for the last minute?
If you found yourself searching every corner of the house for each piece of paper you needed, you might want to consider changing your filing system, so it’s easier and less time-consuming to manage.
Can you keep track of everything through apps and software? Is there equipment or technology that can help you? Maybe it’s worth investing in a filing cabinet?
Putting in a bit of effort sorting your paperwork now will pay off greatly each year when you can quickly and easily find all the information you need. The end of the financial year will happen every year, so you may as well be systematic about it.
Reflect on your year
The end of the financial year is a great time to reflect on how the past year went. Celebrate the big wins, but remember to focus on other victories as well. Even if you didn’t meet all of your financial targets, did you survive a particularly tough year? Were you able to pivot your business and try a new model? Did you take risks and learn from them? Did you grow your business or expand what services you offer?
It’s great to set goals for each year and celebrate when you achieve them, but it’s also essential to remember we don’t always reach these goals. It then becomes vital to look at why things didn’t go according to plan and how you grew from those situations, and let’s face it, we all did some growing last year. You may need to redefine your business plan if you’re not meeting targets or rethink how to arrive at your goals in the first place.
Plan for the future
Once you’ve looked back on what went well and what went south last year, you can better plan for the following year. Look at upcoming events and schedule your marketing calendar. Plan ahead to address the predictable slow times and busy periods. If you didn’t reach your financial targets last year, try changing how you set your goals or strategies for achieving them.
Is it worthwhile for you to make purchases right now? Should you buy new technology, equipment, or other goods at this time? Many retailers will offer large discounts at the end of the financial year. It may be worth it in your return if you have the money to do so and you need those items.
Although the end of the financial tends to feel stressful, it’s also a fantastic time to look back on the past year and celebrate your achievements. Making it this far in a global pandemic is one. You can take the time to plan and incorporate the lessons you learned from the past year to make next year your most successful.
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