January is traditionally a time for rest and reflection. It’s also a time when business owners can finally take a rest and think about plans for the year ahead. We’ve compiled some top items to consider going into the New Year.
Top tips for 2023
- Check your payroll is up to date. Onboarding new staff and managing the Christmas rush can see things drop off, but it is important to make sure all staff members are included in your records and that superannuation record keeping is up to date with correct payments being made and submitted using STP (single touch payroll) as required by the ATO.
- Check your debts. Do you have any outstanding debts, what are they and when are the payments due? Make plans to ensure you put aside cash so you can pay what you owe to the ATO on time. Failure to do so can incur a fine and causes needless stress. Likewise, if you need help managing loan repayments or credit discuss this with your adviser or accountant early as they can help.
- Did you know 2 in 3 SMEs want better connected digital tools? Nobody wants to waste time on manual tasks if they don’t have to. It might be time for a software update – talk to us about the best cloud financial system to track your expenses, cashflow and invoicing.
- Arrange a business planning retreat with key management. Times are getting tough and looking at getting through the hard times as well as the good ones is important. There might be revenue streams you have overlooked.
- COVID planning – it hasn’t gone away. Keep an eye on the latest government warnings as it may impact your business. Be careful to look after the health and welfare of staff members -and look to any other OH&S issues that need attending to.