Grace’s tips to help small businesses stay on top of the new financial year

Haven Accounting | 2 MIN READ April 21, 2023

Grace Baldado is a Senior Accountant at Haven Accounting. With over 7 years’ experience in both financial and management accounting, she has supported various businesses through the financial year and ensured they delivered on their tax obligations. 

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We sat down with Grace to hear her top tips for small businesses to get off to a good start this financial year:

Know what you need to set aside 

It’s essential that businesses understand what their tax will be and that they get in the habit of putting aside a realistic amount to cover it throughout the year. 

Stay on top of your cash flow

Staying on top of cash flow throughout the year means you’ll know accurately what is coming in and going out of your account. By being aware of your cash flow you’ll know where your money is going and can make better plans and financial decisions for your business. 

Put tax dates in your diary 

We’ll remind you of key tax dates that may affect your business, save these in your diary. This will help you remember when things are due so you can plan ahead and ensure you meet your commitments.  

Get on top of expenses 

Know what you can claim as a business expense. Generally business expenses are: 

  • Day-to-day revenue expenses for running your business i.e. wages.
  • Assets you buy i.e. tools, which are called capital expenses and may be expensed up front or depreciated depending on the cost. 

Knowing this ahead of time will allow you to keep a track of what you’ll be able to claim throughout the year. 

Keep business transactions separate 

Using a separate bank account for business transactions will make it easier to track your expenses, income and profit. You can also set up a separate business savings account for putting aside your tax throughout the year. 

Save your receipts 

Keep a track of your receipts throughout the year. Setting up a filing system whether keeping a paper record or uploading directly to Xero will help make tax-time easier. And, remember you need to keep a record of your receipts for at least 7 years. 

If you need help with your business accounting, speak to Grace and the Haven Accounting team for help getting your business organised for the 2024 financial year.

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