Happy financial new year!
While this may not be the kind of holiday that warrants fireworks and fanfare, it is cause for celebration. You’ve done it. 2017FY has come to a close. But even you know the work is never done. Now it’s time to prep for 2018FY — because new changes are on the way (if they’re haven’t already arrived). Such is the case with this month’s penalty rate changes. Are you prepared?
Let’s start the new financial year on the right foot together. If the EOFY stressed you out this year, you’ll want to take certain steps to ensure you don’t make the same mistakes twice. So here are four tips to ensure this year is a breeze and you close the new financial year better than the last.
Tip #1: Reconcile Your Accounts
Before you say goodbye to FY 2016-2017 forever, take a close look at your ledgers. Whether you’ve got a bookkeeper by your side or you’re going it alone, you can make sure you’ve closed out any opened balances and cross-reference the payments you made with your year-end reports.
Tip #2: Evaluate Risks and Opportunities
We look back to look forward, so as you’re developing your new-year strategy, consider everything that changed for your business during the last financial year. Did you make more or less profit than expected? Why? Anything from changes in the needs of your customers to your marketing campaigns should all be reevaluated for the risks they posed and the opportunities they still present.
Tip #3: Automate Your Processes
If you spent the 2016-2017 financial year writing your timesheets by hand or running payroll from a spreadsheet, it’s time to put that bad habit to bed. Make this the year of automation. Not only can you automate employee timesheets, but when you choose the right payroll software, all that time can sync with just a few clicks. When timesheets and payroll are automated, you save time and money.
Tip #4: Stay on Top of New Changes
In FY 2016-2017, the Fair Work Commission cut evening, weekend, and public holiday penalty rates for employees in the hospitality, pharmacy, restaurant and retail industries. The change has some employees afraid they’ll have to work more for less pay, while research suggests the change has the potential to create more jobs. Wherever you and your employees stand, you need to stay up to date, so you can stay compliant with the Fair Work Commission.