- May 2, 2018
- Posted by: Corina Vucic
- Category: Audits
While much of the focus at the End of Financial Year (EOFY) is on matters of finance and taxation, and rightly so, it is also an excellent time to conduct a quick business pulse check.
Why is this important? Not only can the middle of the year can be a common time for new compliance or tax laws to come into play, it is the half-way point for your annual budgets and forecasts – a quick check-up could help refine your strategy for the second half of the year to keep you on target.
To conduct an EOFY pulse check, consider these four critical areas:
1. Finance and Taxation
- Get your accounts in order, prepare your tax return and complete BAS – this is essential to ensure compliance.
- Look for ways to save money on tax to benefit your business.
2. Review and Planning
- Review and revise your business plan and annual budget based on actual results and figures.
- Review and revise any insurance policies to ensure the cover is relevant and sufficient.
3. Resources and Workforce
- Check for any updates to wage rates – these are updated at least once a year, around 30 June typically.
- Check for any updates to PAYG tax rates as they apply to your employees.
- Schedule and plan for performance reviews and the allocation of any bonuses relating to annual business performance targets.
- Assess your current workforce plan and budget for any new recruits.
4. Marketing and Advertising
- Research your market, promotion and pricing of your products and services – do any adjustments need to be made?
- Look for new research relating to your industry and business location from sources such Australian Bureau of Statistics, IBIS, ATO benchmarks, etc. to better understand your market, competitors and industry.
- Refine your marketing and digital media strategy to ensure that you are maximising your spend and efforts.