Four tips for a strong finish to 2023
Updated: Oct 10
Does it feel like you’ve worked hard this year and you want to slow down in the last few months of 2023? You've put so much in, so taking it easy for a few months isn't going to have a big impact, or will it?
Many of our clients feel this way. However, now is not the time to ease off when it comes to your business or personal financial matters. At least you don’t need to do it alone. That's why we've put together our four top tips to help you have a strong finish to 2023 and end the year on a high note!
1. Focus on finance
The best way to manage your financial health is to keep monitoring your income and expenses. Also, keep growing your financial knowledge and improving your money management skills. This will give you greater control, help you manage new opportunities and reduce the risk of overspending.
Ensure that bank reconciliations are done regularly, so that you understand your cash flow and can plan for business expenses. Even if someone else manages your finances, make sure you continually assess your financial situation. We all know the saying “If you can’t measure it, you can’t improve it.”
2. Plan for 2024
It may still feel like the New Year is far away, but everyone gets busier as Christmas approaches. Set aside time now to plan for 2024. Are your prices keeping up with inflation? Should you need to adjust your prices, utilise your industry knowledge of trends and cycles to plan when you will implement these. Review margins on your products or services.
Prepare now for how changing costs will affect your net profit. What resources will you need in order to keep growing and expanding? Setting up budgets and forecasts early to factor in your growth plans for 2024 will help you end 2023 in a good headspace. If you are uncertain, or simply want someone to do a review to ensure you are on the right track, speak with your accountant sooner rather than later.
3. Deal with debt
Not everyone is enthusiastic about having to deal with debt. However, debt can put a drain on finances especially if you have to deal with high interest rates. Put strategies in place to manage debt, whether on your credit cards, loans or from debtors who aren’t paying on time. Taking action may feel uncomfortable but stepping in early will bring dividends for your business in the long run.
4. Compliance accomplished
Keep on top of compliance. This year the ATO has increased their activity to address collectable tax debt. Late payments may result in interest and penalties. The ATO has warned that clients should not rely on remissions, as these will only be considered in limited circumstances.
Respond to requests from the ABA Team for reconciliations and documents promptly. We want to minimize compliance stress for you, as well as avoid unnecessary debt and reduced cash flow availability for the things that make your business great!
Here to Help
Most importantly, you don’t have to do it alone! The Team at ABA is here to partner with you and support you to achieve your business goals. Our advisory services are aimed at problem-solving and identifying practical opportunities to help your business grow.
Whether it's identifying where your business is losing profit, or improving your tax strategies, we're here to help you build wealth and enjoy financial freedom. Use our four tips, or contact us, to make sure you enjoy a strong finish to 2023!