{"id":11263,"date":"2023-02-16T19:06:29","date_gmt":"2023-02-16T19:06:29","guid":{"rendered":"https:\/\/www.ibntech.com\/?p=11263"},"modified":"2025-05-16T11:17:51","modified_gmt":"2025-05-16T05:47:51","slug":"small-business-tax-tips-healthy-financial-status","status":"publish","type":"post","link":"https:\/\/www.ibntech.com\/blog\/small-business-tax-tips-healthy-financial-status\/","title":{"rendered":"small business tax tips healthy financial status"},"content":{"rendered":"

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With the spring weather just around the corner (well here\u2019s to hoping\u2026) it\u2019s a good time to not only wipe away the cobwebs from around the house but to also have a look into your business and see how financially fit it is. For some this means going back to see if you\u2019re on track, compared to new financial year goals and plans that you would have set prior to 30 June.<\/p>\n

We often set resolutions that quickly fade with the stresses of business life. Here are a few tips to help you move forward, make those goals a reality and end the 2016-17 financial year on a good note!<\/p>\n


\n1.Let\u2019s Talk
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Make the time to talk about money. Don\u2019t wait for over spending, overdrafts or a financial crisis. Get clear on your needs and wants. Many small business owners think they can manage their taxes on their own, while you may think you are saving money you can actually hinder your business if finance is not your thing. Talk to your accountant about the information you must keep and the things you need to know.<\/p>\n


\n2.Manage Your Information
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Get organised! The quality of your information will determine the success of your business. Look into a good cloud accounting system such as Xero and automate as much as you can. You will be able to capture, store and keep track of invoices and receipts, together with the convenience of accessing anything, anywhere at any time including\u00a0 financial\u00a0 <\/a>\u00a0reports you need to manage, in order to determine the health of your business.<\/article>\n


\n3.Create a Budget
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Establish your income streams, determine fixed costs and include expenses. You may find the earnings left over after paying basic business expenses are being foolishly spent. Is your income increasing, stagnate or decreasing? The benefit of having a good accounting system like Xero<\/b> is that you can include a budget and compare to actual monthly and end of year reports. Make sure to set aside time each month to evaluate your progress, adjust and make improvements if required.<\/p>\n\t\t

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Our payroll experts ensure timely and accurate payroll processing, so you can focus on growing your business.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tClaim Your Free Tax Consultation Today <\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n


\n4.Pay off Debt
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Prioritise the process you pay off your debts. For loans, credit cards and other types of debt, arrange the debts according to the interest rate you are paying on those debts. Plan on making additional payments even a little over the minimum monthly payment, this can make a huge difference in the long term. Then start paying down the loans and debts with the highest interest rate first.<\/p>\n


\n5.Set Your Business Financial Goals
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As Benjamin Franklin said \u201cIf you fail to plan, you are planning to fail. Whether your financial goals are small or big it is worth setting them so that they are concrete and you have something to work towards. Some are afraid to set BIG financial goals for fear of failure or because you don\u2019t think you\u2019re capable of achieving them. Start by breaking down those bigger goals into segments so that they appear more achievable and don\u2019t become so intimidating. Build a time frame around your financial goals and know what you need to do. Understand the mechanics behind your financial goals i.e. hours, number of projects etc. then move backward to determine timing.<\/p>\n","protected":false},"excerpt":{"rendered":"

  With the spring weather just around the corner (well here\u2019s to hoping\u2026) it\u2019s a good time to not only wipe away the cobwebs from around the house but to also have a look into your business and see how financially fit it is. For some this means going back to see if you\u2019re on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[78],"tags":[],"class_list":["post-11263","post","type-post","status-publish","format-standard","hentry","category-tax-support"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.ibntech.com\/wp-json\/wp\/v2\/posts\/11263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ibntech.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ibntech.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ibntech.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ibntech.com\/wp-json\/wp\/v2\/comments?post=11263"}],"version-history":[{"count":0,"href":"https:\/\/www.ibntech.com\/wp-json\/wp\/v2\/posts\/11263\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ibntech.com\/wp-json\/wp\/v2\/media?parent=11263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ibntech.com\/wp-json\/wp\/v2\/categories?post=11263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ibntech.com\/wp-json\/wp\/v2\/tags?post=11263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}