We often focus on the end of the financial year (EOFY) and how to get our taxes sorted.
However, once that’s done, it’s wise to spend time considering the best way to move your venture forward over the next 12 months.
One way to do this is via support. Professional support can be invaluable for individuals looking to start their new financial year off on the right foot.
Whether you’re a small or large business owner, investing in professional support can help you achieve your goals.
There are many different types of professional support available, from accountants and financial advisors to business coaches and marketing experts.
Each of these professionals can provide you with the insights, advice, and support you need to make informed decisions and achieve your financial objectives.
The benefits of obtaining professional support
By investing in professional support, you can benefit from the expertise and experience of others, gain a fresh perspective on your finances, and take advantage of new opportunities.
Whether you’re looking to grow your business, reduce your expenses, or improve your financial literacy, professional support can help you achieve your goals and succeed in the years ahead.
Here are some of the top benefits of seeking professional support:
Improved financial planning and awareness
With the help of a financial expert, you can identify areas where you can reduce expenses, increase revenue, and improve overall business financial health.
By being more aware of cashflow, accounts receivable and accounts payable, business owners and managers can best utilise technology to help them get ahead.
Once you have more knowledge about financial planning, you can take advantage of tools such as the MYOB business management platform and other software to run reports, financial projections, profit and loss statements, balance sheets, etc.
All of this data can then also be used to help you apply for funding for your venture, such as business loans or grants, or even attract investors.
Expert advice and guidance
The other big plus of obtaining professional support is that it can provide you with access to expert advice and guidance.
For example, this may include anything from business structure and tax planning tips to information about risk management, leadership, training, and investment advice, to name just a few topics.
In addition, professional support can help leaders to stay updated with regulatory requirements and changes in the financial landscape.
This knowledge can make it much easier to avoid penalties and legal issues that may arise from non-compliance.
Focus on the right things
While it’s wise to learn about many different aspects of running a business (and at the start, you may need to handle many of them), as your venture grows, you want to use your time in the best way possible.
That typically means focusing on completing the tasks that only you can do; on the work that helps your business to stand out and prosper or that motivates your team to achieve great things.
When you have jobs you can delegate to experienced technicians in various fields, this frees up time for you to do not just what you’re best at, but what you likely enjoy working on the most.
This then makes you a more fulfilled leader, too.
Types of professional support
Here are some types of professional support that can help you start your new financial year off right in 2023.
Financial advisors
Financial advisors can help you develop a financial plan, manage your investments, and provide guidance on tax planning and growth and expansion ideas.
Plus, they can help you with budgeting, forecasting, and understanding the risks and benefits of different investment options so you use your resources wisely.
Accountants
Accountants also provide financial advice and services to individuals and businesses but in a more direct, organisational way.
We can assist you with completing and lodging tax documents and general tax planning, as well as with bookkeeping and financial reporting and forecasting.
Bookkeepers
Similar to accountants, business owners typically hire bookkeepers to help them handle recording financial transactions and organising relevant data.
They can also help you with regular tasks such as invoicing, payroll, and bank reconciliations.
Solicitors
Legal support can help you navigate legal issues and ensure you’re complying with all relevant laws and regulations for your business.
They can provide legal advice on contracts, employment law, intellectual property, and much more, and offer both pre-emptive aid in mitigating risks and assistance if problems arise.
Marketers
Effective marketing strategies are essential for businesses to attract and retain customers.
Marketing professionals can help develop branding, create advertising campaigns, design marketing collateral, and come up with social media strategies that help you generate leads and sales and build a strong online presence.
Human resources specialists
Human resources (HR) specialists handle a wide range of activities related to the management of employees and the development of a positive work environment.
HR people handle tasks such as recruiting and hiring new talent, onboarding and training employees, and managing payroll and employee benefits and compensation.
IT technicians
IT support can help you manage your venture’s technology infrastructure and ensure tech-based systems are running smoothly.
Technicians in this area provide services such as network management, cybersecurity, software development, and technical support.
Choosing the right professional support
It’s crucial to find and select the right professional support for your needs. Here are some tips to help you do that:
Assess your business
Before choosing any professional support, you should assess your business needs.
Sometimes you may not know exactly where you need help, so it may be good to find yourself a business mentor to begin with.
They can help guide you in seeing where you’re lacking, what assistance you need to achieve your goals, and aid you in locating quality service providers.
Research potential providers
Once you’ve identified your business needs, research providers who can offer the services you require, whether they’re local or work online.
Look for providers with experience working with businesses similar to yours and who have a good reputation in the industry.
Check their credentials, too, such as licenses, certifications, and professional affiliations.
Compare costs and services
After identifying providers, compare their costs and services carefully.
Some providers may charge hourly rates, while others may offer flat fees for specific services.
Look for providers who offer competitive pricing and a range of services that meet your business needs.
Consider the provider’s experience, reputation, and track record when comparing costs and services.
Make your decision
Once you’ve assessed your business needs, researched providers, and compared costs, it’s time to make your decision.
Choose a provider who ticks the most boxes when it comes to price, experience, reputation, and service offerings, but also check if and when they’re available.
Professional support can be a valuable investment for starting your new financial year off right by helping you navigate the complexities of the business world.
Talk to us if you need more professional support for your business finances.
Source: MYOB July 2023
Reproduced with the permission of MYOB. This article by MYOB Team was originally published at https://www.myob.com/au/blog/start-your-new-financial-year-the-right-way/
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