It might be too late for this financial year, but you can start now to prepare for the next financial year to help improve your cashflow and be more organised, for both your business and your accountant.
> If you are a sole trader and don’t have a separate bank account for your business, do not pass go, do not do anything until you open one! Having a separate bank account ensures your business income and expenses are separated from your personal, making tax time much easier.
> Get organised with your bookkeeping. If you’re not already using accounting software like Xero or MYOB, now’s the time. Reconcile weekly, not monthly (or worse annually). Set aside time in your calendar to review reports like profit and loss, cashflow, and aged receivables.
> Schedule quarterly check-ins with your accountant before EOFY. This gives you time to make strategic moves like super top-ups, asset purchases, or restructuring.
> Review your past year cashflow. Do you notice times when you were short of cash or unprepared for large bills? Use this knowledge to build a 12-month cashflow forecast. It doesn’t have to be fancy, even a simple spreadsheet can help you anticipate peaks and dips, and plan for big expenses ahead of time.
> Review and tidy up your systems to make sure you're storing receipts digitally and regularly.
In short be proactive, prepared and organised to stay on top of your business and plan meet-ups with your accountant regularly so you can discuss cashflow and make adjustments in real time, rather than make reactive decisions which may not be in the best interests of your business.