Tips for getting ahead in the new financial year

THE new financial year is upon us. Here are some tips from Ritzy, a company that has been helping businesses achieve their best since 1993.

According to the friendly team of experts there are ways small to medium sized business can kick start the 2017 financial year.

1. Assess your finances
   Review your business finance with your accountant. Assess your goals for the previous year to get an accurate idea of how well you did. Look to see if you met your targets for the last financial year, and develop a strategic plan as to what you can do differently this year to help your business grow. Keep in mind what you have learned from the previous year as you set realistic goals for the coming year.
2. Review your bookkeeping system
   It goes without saying that keeping decent records makes running your business that much easier. Records also help you to keep track of how your business is doing financially. There are a range of options to fit your needs and budget. Go through the Sage Software offerings by clicking on the link Sage Pastel Software
3. Update your business and marketing plans
   Taking the time to prepare for the year ahead is essential to success. Updating your business and marketing plans helps review your priorities and business goals while assessing whether your business strategies are working. With Ritzy, you can take advantage of a free website and online store hosting for 1 year with Sage Online Tools
4. Reconcile accounts receivable
   You should have a running list of what invoices are still unpaid or which clients still owe you money for work already completed. If possible, chase these outstanding bills and try to collect before the end of the year. This will help with cash flow and give you a clean start for the New Year. Pull concise reports to ensure all areas of your business are under control by using tools like Sage Intelligence Reporting.
5. Take stock of inventory
   Every business owner needs to do a physical stock take of their inventory at year end. Many business owners don’t understand the importance of the physical count. This is the only way for you to really know your cost of goods sold. Only through a physical inventory can you determine how much inventory was lost through theft and or damage.
6. Staff matters
   It is important to examine staffing needs for the coming year and make a list of your business’ accomplishments and share them with your staff members. They will appreciate hearing all of the things that your company has accomplished over the past 12 months. This is also a great time of year to recognize any outstanding performers. Give credit where credit is due, and keep track of it all with the hassle-free Human Resources Module available with Pastel Payroll: HR Module
7. Backup and secure your files
   Make sure that all of your files, marketing briefs, emails, business registrations, financial information and customer data and other important business documents are backed up and secure. The safest way is to create two separate digital copies, stored in two separate locations. Safe and convenient online back-ups done in the background: Iron Tree
8. Get support and advice
   Completing the Year End procedure requires a variety of skills. These tasks are manageable and if you feel that you need help working out your financial goals, you may want to consider receiving professional advice. Ritzy can help you make sure it’s perfect: Support

In conclusion, working on your finances can be daunting at any time, not just when the new financial year is drawing close.  Finishing the year strong is the best way to start the coming year off successfully with reduced stress giving you the opportunity to focus on ways to improve your business and move forward with confidence.

Contact Ritzy on 031 719 2800 or email: info@ritzy.co.za