New Financial Year Checklist - Finance Edition
Many Financial Services firms have the end of financial year checklist down packed. However, many businesses fail to provide the same amount of structure to the start of the new financial year.
Now that the new financial year is in full swing and all of the EOFY tasks are complete, we have shared three tasks that your financial services firm should not skip.
1. Review Last Financial Year’s Finances
It is important to look back and reflect on your business’s financial performance for the last financial year to ensure more success for the next 12 months.
This step is also important to ensure your firm does not repeat the same mistakes that occurred in the last financial year.
See where your firm spent the most money, where you can cut spending and any contracts or subscriptions your firm has that will continue into the new financial year.
2. Review your expenses
Financial services firms often have a lot of expenses. A large sum of these expenses are often made up from employee expenses. Most roles in the financial industry will require a degree which comes with a higher salary of pay. In Australia, this rate of pay in considerably high compares to other countries.
Through outsourcing with APT, your firm can enjoy the 30% – 40% cost benefits as well as APT assisting your firm to increase your business productivity which in turn will increase your bottom line with more efficient workflow processes.
3. Take full advantage of available tax deductions and government schemes
Saving money on tax deductions is a major benefit for all businesses. It is important that every department in your financial services firm keep track and record purchases that may be deductible when the new EOFY comes around! Start now at the beginning of the financial year to ensure you can claim all tax-deductible expenses next year.