Mastering end-of-year financial planning

As the end of the financial year approaches, businesses and individuals alike are seeking effective strategies to navigate this crucial period.

Proper end-of-financial-year planning can make a significant difference in optimizing financial outcomes and setting the stage for future success. From maximizing tax benefits to evaluating financial performance, careful planning and strategic decision-making are key.

In this week’s edition of Let’s Talk, we will explore valuable insights and expert advice to help you make the most of your year-end planning efforts.

Whether you are a business owner, a financial professional, or an individual looking to secure your financial position, these strategies will provide you with actionable steps to ensure a successful transition into the new financial year.

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Alvin Liew, Acting Managing Director APAC, Anaplan

“Nine out of ten businesses still use spreadsheets for end-of-financial-year planning, and while spreadsheets are familiar and low-cost, they are often siloed and incongruent, limiting teams’ ability to collaborate on planning, budgeting and forecasting. For end-of-financial-year planning, companies can benefit from breaking free of the rigid 12-month planning cycle, replacing outdated processes like spreadsheets, and drawing on real-time internal and external data. This allows for seamless integration of data from disparate sources across the organisation into one centralised location.

“Given the current market volatility, finance teams need a way to forecast potential scenarios and make better decisions faster. By manipulating data in response to economic conditions and adjusting accordingly, this empowers finance leaders to adjust scenarios quickly to changing business decisions, without needing to rely on IT support. To avoid FP&A teams being bogged down in checking (and rechecking) information this year, a multidimensional and agile approach is needed to reduce the risk of human error and allow for more data-informed decisions.”

Emma Seymour, CFO at Deputy

“Dividing EOFY planning into three categories will help businesses streamline cumbersome processes, and set themselves up for success in the new financial year:

Financial Reporting and Analysis
It’s crucial to have a reliable financial management system in place to allow for accurate and up-to-date recording of transactions. Additionally, consider leveraging data analytics tools to streamline the analysis process and gain valuable insights. These tools can help identify trends, patterns, and anomalies in financial data, enabling businesses to make data-driven decisions for the company’s financial health.
Budgeting and Forecasting
When approaching budgeting and forecasting, involve key stakeholders from various departments to gather inputs and perspectives. This ensures the budget aligns with the company’s strategic goals and operational needs. Regularly reviewing and revising the budget throughout the year allows businesses to adapt to evolving circumstances, make adjustments as needed, and operate with a high level of predictability.
Tax Planning and Compliance
Regularly review tax changes relevant to your business to ensure compliance and identify any potential tax-saving opportunities. In addition, maintain strong relationships with advisors and schedule regular syncs to keep them across business updates so they can advise you in real time and anticipate what economic changes will impact your business.”

Shannon Karaka, Country Manager and Head of Expansion ANZ, Deel

“Every business this year is being forced to do more with less as inflation surges and economic conditions remain uncertain. With this in mind, the tech stack is a big area in which business leaders are looking to make changes as the end of the financial year arrives.

“Tech stack spending can quickly grow out of control, with many businesses using an amalgamation of different services. In people management, for example, it’s not uncommon for a company to have ten or more tools to manage payroll, compliance and onboarding.

“But we’ve seen businesses that have successfully consolidated solutions and costs. For example, payroll teams can now cover staff in multiple countries with a single solution rather than having to rely on local payroll solution providers in individual countries. The savings from such consolidation can add up from both a financial and productivity standpoint, which is why it’s well worth considering as part of EOFY planning.”

David Lenz, Vice President, Asia Pacific, Arcserve

“As rising interest rates and cost of living continue to weigh on the Australian small businesses across all sectors, we can expect the focus of this EOFY to be cautious growth projections and spending. However, as business leaders scrutinise operational expenditures for the year ahead, they should consider the changing cybersecurity regulatory environment, along with cyber resilience. Arcserve research found 57% of Australian mid-sized companies have experienced data loss in the last five years. A key challenge for small businesses will be to balance spiraling costs—while simultaneously trying to keep their data safe.

“Some strategies include:

Plan for data growth – As the business changes, the data storage needs will change. The option to purchase storage up front at a reasonable price and then scale it out cost-effectively over time is critical. Instead of jumping in headfirst and paying an arm and a leg, look for storage solutions that start at a reasonable cost and are highly scalable. These solutions should begin with terabytes of storage and scale out to petabytes. The right solution will allow the business to add any number of drives and/or nodes in any granularity to meet growing storage requirements.
Let AI help – The advent of AI-enabled storage can help to keep costs down while managing data more effectively. AI-enabled storage applies intelligence and machine learning to help companies quickly figure out which pieces of data are critical to their business and which are less important and may not need to be stored. AI-enabled storage can also help companies decide which datasets can be offloaded to the cloud and which should be stored locally. Real-time intelligence and analytics performed by the storage system can determine the optimal placement for data and the best way to ensure data protection.”

Joshua McNicol, Director of Growth, Zeller

“As you prepare your business for tax, reporting, and financial obligations, don’t forget to review your current financial tools in June. Use this time to assess what’s working and what’s not when it comes to your business banking and financial services. Consider upgrading your financial tools starting July 1 to improve your operations in the coming year.

“Begin by evaluating your existing financial technology stack, including payment solutions, transaction accounts, debit cards, and accounting software. Ask yourself important questions: Are your current tools still suitable for your needs? Are they cost-effective? Do they align with your business model? Do they provide a comprehensive view of your financial position, or do you have to piece together information from different systems?

“Many business owners that utilise Zeller use July 1 as a milestone to upgrade their financial technology stack. By switching to a new Zeller Account, they find a more affordable solution to manage and store money, track expenses, and accept payments in-person and online. Zeller also consolidates all business cash inflows, spending, and expenses in one place, simplifying tax obligations and financial reporting at the end of each fiscal year.

“Be proactive in your end-of-financial-year planning by reviewing and ensuring that the tools you use will support another successful year.”

Angela Vithoulkas, Business Consultant

“Empower Your EOFY Planning: Unleash Success with Effective Strategies and Clear Vision.

“Take charge of your end-of-year financial year planning with impactful strategies tailored for success. Establish a clear system, stay focused on ambitious goals, and learn from both triumphs and setbacks to shape a prosperous future.

“Don’t overlook the importance of a reliable system for tracking transactions. Opt for a method that’s simple, like reference or account numbers, serving as helpful clues for recall.

Break free from the once-a-year mindset. Embrace an annual EOFY personal planning session to ignite your entrepreneurial drive. Envision bold possibilities for your business—whether it’s a lucrative sale, expansion into new territories, or a revolutionary pivot. Spend the next 12 months exploring options and laying the groundwork. Share your plans when ready to make them official.
Don’t sweat over flawless record-keeping. Start fresh on July 1st, wrapping up financial data diligently. Embrace mistakes as lessons for growth.
Allocate a budget for EOFY sales. They can boost profits or lead to savings, but avoid accumulating debt in the process.

“With these dynamic strategies, you’ll reap rewards.”

Warren Schilpzand, Area Vice President, ANZ, DataStax

“As the EOFY approaches, one of the key strategies we have employed at DataStax is to invest in our staff. With Australia in the middle of a skills crisis, and tech workers being amongst the most in demand, it makes sense to do everything you can to hold onto the great employees you already have. For this reason, it’s worth ensuring your people have got the learning, development, and resources they need to take their careers (and your business) to the next level. And as artificial intelligence and automation begins to make an impact on Australian organisations, developing your people so they can make the most of their innate creativity, strategic thinking and problem solving – all things AI can’t do – will help them find a place as your business is transformed by technology innovation.”

Will Buckley, Country Manager Australia, Xero

“Tax time can often feel overwhelming for small businesses. However, by leveraging technology to work more efficiently, and by working closely with your accountant or bookkeeper, you can help alleviate some of the stress. Here are three tips to navigate end-of-financial-year planning:

Keep your records up to date: Complete and accurate data is critical to effective tax planning and will ensure you meet your obligations. By utilising technology to automate record-keeping and reconcile accounts, you can save hours of time while gaining full visibility of your financial position.
Your advisor is your friend: Work with your accountant or bookkeeper for hygiene and compliance purposes like finalising your payroll, income tax and superannuation. Advisors will also be feeling the pressure at this time of year, so the sooner you get this sorted the better.
Reflect and set goals: EOFY presents an important opportunity to reflect on the past 12 months and identify areas for improvement. Whether it involves managing cash flow better or preparing for a phase of expansion, working with your advisor will be invaluable at this time to help establish realistic business goals and set yourself up for success.”

Charlie Wood, CEO, Wiise

“EOFY tends to arrive more quickly than anticipated, so planning ahead is essential. Ideally, you don’t want to take the focus off business operations if you’re rushing to finalise accounts, as many of your customers will expect business as usual.

“Using enterprise resource planning (ERP) software helps your business move forward by managing your operations, consolidating data and generating real-time reports about your company’s performance throughout the year, ultimately making tax time easier and avoiding surprises. Getting immediate insights is much more valuable than only finding out on 1st July that there are stock issues or a particular channel is underperforming.

“EOFY is also a good time to stay informed about regulatory changes, from tax laws to privacy and cyber security regulations. An ERP platform can help ensure you stay up to date and keep your data – and sensitive customer and client data – fully protected.”

Jamie Hoey, Australian General Manager, Wunderkind

“I urge all businesses to do two things. One; review the year that’s been. Two; take time to set yourself up for the year ahead. It’s of course an overly simplistic answer to what can be a stressful time for many business owners.

“In the year that’s been, one area that many will be considering is the marketing plan. Utilise the end-of-financial-year as an opportunity to conduct an audit on the tools in your arsenal. This will re-familiarise you on how to best leverage them, show where processes can be automated or scaled, and highlight what is no longer supporting your objectives.

“Then, with a refreshed understanding of where your spend and resources are being deployed, map out a strategy to optimise your approach – which activities and channels are showing the strongest or poorest ROI? What should you ‘switch off’ and where can you dial up spend to drive better performance and efficiency? Owned channels are the centre of gravity of your brand – now more than ever. And with budgets strained, marketers cannot afford to ignore the efficiency of owned channels such as websites, email, text messaging, and mobile apps to keep customers engaged.

“Amid recent uncertainty and shifting priorities, ensuring your focus lies in understanding and exceeding your customers’ expectations is key to success.”

Moses Samaha, Executive General Manager at Equifax ANZ

“At the end of the financial year (EOFY), it’s important for small businesses to review their financial statements and ensure everything is accurate so you can identify potential issues and make any necessary adjustments.

“Ensure you’re claiming all the deductions you’re entitled to, including expenses such as equipment, office supplies, and travel. It’s worth considering purchasing new assets before EOFY to claim depreciation on the assets in the current financial year. Also, if you plan to make super contributions for your employees, do so before EOFY so you can claim them as a deduction too.

“Staying up-to-date with changes to tax laws and Government programs will ensure you are complying with all relevant regulations and receiving support measures. The Federal Budget in May introduced energy price relief, instant asset write-off, and a cash flow boost that will benefit 2.1 million small businesses around Australia, so don’t miss out!

“You can also use EOFY to take stock of your business policies and risks. By reviewing your insurance policies to ensure that you have adequate coverage for your business, you can protect your assets and mitigate risks. Finally, SwiftCheck reports can help protect your business from potential risk by highlighting warning signs a customer may be in financial difficulty, such as defaults registered against the company, recorded legal action and delayed payments.”

Elise Balsillie, Head of Thryv Australia

“Hasn’t this year flown by? It’s hard to believe that the new financial year is just around the corner.

“But with a new financial year looming can come a lot of stress on small business owners. If you’re one of the many that struggle to combine paper receipts, frantically search for invoices or spend your nights data-entering your BAS, then you’re definitely feeling the EOFY crunch.

“Some strategies to help ease the load at the end of the financial year could be to look at a digital solution such as automation to streamline your paperwork. Making use of digital tools and software will help small business owners keep track of all transactions and payments and will increase efficiency and improve accuracy.

“Another strategy could be to review your business plan at this time of year which can help you assess whether your existing strategies are working, and help you identify changes and opportunities that can improve your bottom line for the upcoming year.

“Adopting any of these strategies will make sure you’re spending your time wisely at this busy time of year.”

Nic Brill, Chief Executive Officer, Poolwerx

“With the end of financial year fast approaching, now is the perfect time for small businesses to reflect on the past 12 months, recharge as a team, and recalibrate for the future.

“I know running a small business can be challenging, especially as we continue to face economic imbalances and uncertainty. While I will not discount this, I do want to remind small businesses that the EOFY period presents a unique opportunity to assess their progress, undertake strategic planning and make informed decisions for the upcoming year.

“To navigate this time successfully and strategically, small businesses can take various steps. These include evaluating financial performance, establishing realistic objectives, examining budgets and cash flow, and adapting where required, exploring financing alternatives, and optimising business operations. Additionally, fostering strong customer relationships, diversifying revenue streams, seeking expert guidance, learning from other like-minded businesses and staying updated on economic trends will further bolster a business’ ability to thrive even in uncertain times.

“Armed with this knowledge, small businesses can dedicate the next 12 months to investigating new possibilities, putting infrastructure and technologies in place, and assessing the feasibility of their goals and objectives to instil resilience and sustainability.

“Take Poolwerx for example, we conducted our annual Revitalise Tour earlier this year, with our senior leadership team visiting Franchise Partners (FP) across Australia. This tour is an important initiative to continue building engagement and relationships across our network to share our business strategy for the upcoming year. The feedback we received from FPs was overwhelmingly positive, as many resonated with our vision and purpose of creating backyard memories for our clients. By taking steps early and proactively engaging with our FPs, we were able to hear firsthand from our frontline teams ahead of the EOFY and take their feedback on board in order to set ourselves up for future success.”

Beau Bertoli, Chief Revenue Officer and Executive Director, Prospa

“The phrase “EOFY reporting” can make even the most organised SME owners sweat. But with good planning and a solid checklist – it doesn’t have to. 83 per cent of SMEs anticipating growth in the next year, maximising their tax deduction benefits will be critical to setting them on the right track for FY24. Here are some tips to start the process strong:

Track your expenses: To stay ahead of the game, businesses need to track their expenses, as small things like stationary, and travel costs add up. It sounds simple, but more detailed records mean more deductions, ensuring more money stays within your business.
Write off bad debt: Occasionally, customers may accrue debt to your business they are unlikely to pay. SMEs can write off these ‘bad debts’ prior to 30 June to avoid increased tax liability by including the original income in their tax return. This reduces your taxable income and your tax bill.
Start early. Don’t wait until the last minute to get your paperwork in order and accounts up to date.
Hire an accountant: Working with an accountant to manage your business expenses is a sure-fire way to ensure all tax laws are obeyed. Tax time can feel daunting, so make the most of your financial advisor’s specialist expertise and it will save you time and money in the long run.”

Nathan Reichstein, Chairman, Moore Australia Business Advisory Committee, Moore Australia

“In the lead up to the financial year end, businesses should keep abreast of the tax changes and consider the long-term impacts. For example, the temporary full expensing provisions will be ending on 30 June 2023 – currently, most businesses can claim the full cost of depreciation assets (e.g., plant and equipment) without any cost thresholds. To claim the full cost in 2022-23, it’s important to purchase these assets and have them delivered and installed ready to use by 30 June 2023. From 1 July 2023, only small businesses with an aggregated turnover of less than $10 million will have access to the instant asset write off subject to a $20,000 threshold on the purchase of eligible assets. Any assets purchased costing more than $20,000 will be subject to the small business depreciation measures.

“Employers will need to make their finalisation declarations on single touch payroll by the required date and if a business hires contractors, they may have additional reporting requirements depending on the industry they operate in. It would also be prudent to consider guidance released over the last year by the ATO highlighting their position in relation to professional firm profits, employee vs independent contractor issues and the ATO’s position on s100A (anti avoidance provisions impacting family trust distributions) which may impact year end planning.

“Most importantly, speak to your advisor to see what else you need to consider prior to 30 June.”

Nina Thomas, Founder and Director, Harmonic Advisory

“The end of financial year is a good time to direct remaining budgets towards activities that will set a business up for success in the new financial year.

“This includes investing in strategic planning workshops which help leaders set expectations early in the new financial year, encourage collaboration and productivity, while also motivating people to make a strong start.

“Bringing teams together early in the financial year energises and focuses them, sets expectations and allows those who will be working on implementing the strategy to contribute early and feel heard.

“Another good strategy is to use the end of financial year to cherry pick important areas for development, including the common weak spot of effective communications.

“By mid-year, many people have fallen into the habit of using highly technical language that few people understand. So training is a good way to address this skill gap and give people the tools to achieve better outcomes.

“Given the economic outlook, many people feel their budgets will be squeezed throughout the next year and investing now gives them the chance to set the agenda for a productive financial year, while also taking advantage of tax deductions.”

Helen Baker, Licenced financial advisor, Founder of On Your Own Two Feet

“Stretch your money further by reducing tax and maximise tax refunds. Then put those funds towards debt/emergency fund/investments – (think donations, WFH expenses, industry-specific deductions and education). Check for leakage such as loyalty tax – revisit your home loan, some banks are offering cash backs to switch, challenge your bills providers? Smart strategies and advice – should you be putting more money into super, or your spouse’s super, or super splitting – can you get some Centrelink by having round pegs in round holes? Prepare for next year – it may be tough. Ensure you have an emergency fund, and have three “spending and investment plans”,

The Living your best life plan”,
A compromised plan to get through some tough times but still have fun
What is the absolute minimum I can do to get by?”

Dhanush Ganglani, Managing Director, Eden Exchange

“To navigate this crucial period, first and foremost, it’s essential to review your financial records and ensure everything is accurate and up to date. Take the time to reconcile your accounts, review your profit and loss statements and assess your overall financial health. This will give you a clear picture of your business’s performance and help you identify areas that need attention.

“If you’re looking to sell your business, end-of-financial-year planning takes on even greater significance. Potential buyers will scrutinise your financials, so it’s crucial to have accurate and up-to-date records. Clean up any discrepancies, organise your financial statements and have a clear understanding of your business’s financial performance. Not only will this instill confidence in potential buyers and help you negotiate a favourable deal, but it will also speed up the selling process.

“You’ll also want to focus on maximising your business’s value. Identify areas where you can enhance profitability and reduce costs. Consider whether there are opportunities to diversify revenue streams, strengthen customer relationships or optimise operations. Demonstrating growth potential and a solid foundation will make your business more attractive to potential buyers.

“Engaging the expertise of professionals experienced in business sales can help guide you through the process. The right choice can help simplify the entire journey of selling your business, guiding you through the process with ease by providing expertise in business sales, preparing your business for sale, finding qualified buyers and negotiating the best deal.”

Annette Densham, Creative Director, The Audacious Agency

“Accountants are your friend and one of the most valuable resources for a small business. Book a time with your accountant to discuss your marketing budget. Many small businesses do marketing like a cross-your-fingers-and-hope-for-the-best; this is not a strategy. Marketing is a vital investment in business growth and bringing in new customers/clients. Working with your accountant to map out a marketing budget gives marketing priority and should be a line item in a business’ budget.

“However, with the cost of living soaring, many small businesses are making a strategic mistake in marketing. In an effort to save money on their bottom line, businesses are pulling back on their marketing budget. Now is the time to invest in visibility.

“To ensure money is well spent, it is a good idea to review all marketing activities for what works and what doesn’t. This way, the business can track and measure what is getting cut through, and budget accordingly.”

Elisa Mayenco, Certified Bookkeeping Specialist, First Class Accounts

“There are three key tips I recommend business owners consider as part of their end-of-financial year planning this year. They are all related to helping navigate the upcoming changes and optimising your financial position:

Assess the Impact of Superannuation and Wage Increases:
With superannuation contributions set to rise to 11% and a 5.75% increase in the national minimum wage, businesses must review their wages. These changes are going to impact the bottom line considerably for most small business. Compare your budget to actual figures for the past year and forecast what you will need to account for the increases. If you are unsure if your ratio of wages to earning is at the right level, there are benchmarking resources from the ATO to evaluate performance and guide you on based on where you sit comparatively to your general industry sector.
Prioritise Accurate Bookkeeping:
You cannot know your true financial position if your books are not up-to-date or accurate. Correct and reconciled accounts are the foundation for all business planning. This provides the foundation for cash flow forecasting and what-if scenarios. You can see where expenses can be cut. Seek guidance from a trustworthy financial professional to understand profit and loss statements and balance sheets. Money on paper is different from money in the bank.
Collaborate with Experts:
While a decent bookkeeper can help you with assessing your financial status, we always advise also seeking qualified tax professionals and financial planners to optimise your tax strategies. Discuss the potential impacts of recent changes and consider pricing adjustments if necessary.

“By focusing on these three aspects, it will allow you to navigate the upcoming financial year more confidently and ensure the long-term success of your business.”

Steven Nicholson, Co-Founder and CEO, Retinue

“These are the strategies we are advising our small business clients to consider for their end-of-financial-year planning:

Review lists of outstanding debtors and write off any that are irrecoverable before 30 June to claim a tax deduction this year.
If your business holds inventory, carry out a physical stocktake and write off any items that are old or damaged.
If cash flow allows for it, consider bringing forward payments that you would normally make next year to claim the tax deduction in this financial year. Examples include superannuation liabilities, prepay annual insurance and other subscriptions, and bulk purchase office supplies.
There are changes to asset write off limits from 1 July 2024. If you are planning an asset purchase of more than $20,000, can you purchase and have the asset available for use in your business before 30 June? Speak with your accountant now to maximise your tax deductions.

“End of financial year is the perfect time to take stock of business performance and set budgets and goals for FY24. A detailed budget and cash flow forecast will highlight your key areas of focus and will help guide your business through the challenges of the coming financial year.”

Meredith Fannin, Director and Co-Founder, Darkwave

“Firstly, consider taking advantage of the temporary full expensing of assets. With the temporary full expensing of assets up to $150,000 ending on June 30, it is crucial to identify any equipment your business requires and ensure it is installed and ready to use by the end of the financial year. This opportunity applies to both new and second-hand assets, whether purchased locally or from overseas.

“Ensure you assess and manage trade debtors. It is essential to review your business debtors and consider writing off any trade debtors that are deemed unrecoverable. By doing so, you can reduce the amount of taxable income. Properly managing your trade debtors will help improve your cash flow and provide a more accurate representation of your business’s financial position.

“Always evaluate income received close to the end of the financial year and consider delaying invoicing. If payment has been received in advance for services or work that will be provided in the following year, you may be able to defer the recognition of that income to the next financial year. If cash flow allows, consider delaying invoicing until after June 30 to shift the taxable income to the following financial year.”

Kris Dieckmann, Partner, Wiseman Accountants

“Leveraging Salary Packaging for Benefits
Salary packaging, often known as salary sacrificing, is an astute tactic where an individual opts for lower wages in exchange for perks like extra super contributions or the use of a company vehicle. This move trims down the taxable income and can result in meaningful tax savings, especially for those in upper tax brackets or individuals looking to bolster their superannuation funds.
Divvying Income through Family Trusts
Splitting income is an ingenious way to decrease taxes by allocating income among family members or entities to capitalise on lower tax thresholds. A popular approach involves using family trusts. Creating a family trust permits the allocation of income to relatives with lesser taxable incomes, which trims the total tax owed. It is imperative to make sure that such arrangements are in line with the Australian tax norms and laws.

Capitalising on Tax-Deferred Investment Techniques
With tax-deferred investments, individuals can defer the taxation on investment gains until a future date, usually when the investment is liquidated or matures. This category encompasses specific managed funds, annuities, and certain government bonds. By holding off tax dues, one can relish the magic of compound interest on investment returns and could diminish the overall tax burden in the extended run. Thoughtful consideration of investment objectives and risk appetite is vital when employing tax-deferred investment approaches.”

Guy Callaghan, Chief Executive Officer, Banjo Loans

“EOFY and BOFY (beginning of financial year) planning is crucial for any small business but sometimes the number of things to consider can be overwhelming.

“We find what works best is to gather all the required documentation in one place such as sales and business purchase receipts, work-related expenses receipts and tax return records – the whole lot.

“The next step is to look at the incentives available like the Instant Asset Write Off (up to $20,000 in FY24), which is a great way for businesses to purchase assets such as vehicles, machinery and equipment and claim the full value of the asset rather than depreciation over the asset’s lifetime.

“There’s also the Small Business Energy Incentive which is another excellent way for businesses to purchase assets such as vehicles, machinery and equipment and claim the full value of the asset. Eligible small businesses can spend up to $100,000 under this incentive with the maximum deduction set at $20,000 per business.

“Finally, don’t forget to be across the new rate of GDP adjustment for PAYG and GST (the new rate is 6 per cent in FY24) so you don’t get a massive tax bill at the end of the year.”

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Let’s Talk: Mastering end-of-year financial planning