New Financial Year Checklist - Strata
Now that we are in the new financial year, it is coming into the time where strata firms are beginning to set budgets, strategies and goals for the new financial year.
It can be difficult to know what areas you should focus on each year. At APT we have made this process easier for your strata firm by creating a checklist for firms to go through for their 2020/2021 financial year.
- Review your finances
- Forecast your cashflow
- Save time
- Organise your records
- Update your technology
Below we have elaborated on how you can achieve the above 5 tasks this financial year:
Review your finances
Reviewing your finances is one of the most important steps for creating new budgets and goals for the new financial year. Look at where your strata firm spent the most money, do you have any recurring subscriptions or contracts that will continue through to this financial year.
By reviewing your finances you may find ways that you can save money over the next year.
Forecast your cashflow
There are many areas in your strata firm that can benefit from outsourcing. Below is just a few:
Every strata firm needs a healthy cash flow to cover expenses. This financial year, it is a good idea to update your cash flow projections to plan for any shortages that may occur as a result of the COVID-19 pandemic.
Every financial year, there seems to be goals that are created that never seem to get complete. This financial year, your strata firm should focus on saving time so you have time to achieve the goals and strategies that have been sitting on your to do list.
Some strategies to achieve this include:
- Setting strict deadlines for important tasks
- Allocating dedicated time frames to checking emails (for those in the strata industry we call know how easy it can be to get carried away with spending hours a day checking emails)
- Start your outsourcing journey. Outsourcing can allow your firm to take away the repetitive, time consuming tasks away from your employees.
Organise your records
Staying on top of your records will make the process of meeting your tax obligations, providing an overview of how your business is performing and demonstrating your financial position a quick and easy process.
Update your technology
Strata firms throughout Australia are beginning to become more technologically advanced for the benefit of their clients. Body Corporate Management comes with a lot information for each scheme and technology can play a big part in storing this information.
With many employees continuing to work from home due to the implications of the COVID-19 pandemic, this financial year is the time your update your inhouse technologies. Switching to the latest technologies can assist your firm to become more efficient.
APT can assist your strata firm to implement this step. If you are not satisfied with your current software, systems, communication tools or technology, APT can help. Included in your contract, we will help you get the most out of your current software or design new technology for your business.
If you have been looking to improve your business technology, yet lack the resources or budget to take on the project – that is where we can help. We can design or adjust technology to work for you. We help you improve your processes and workflows through the use of technology.