Slide into the New Financial Year

20 March 2022

The end of the financial year is creeping up quickly. While you want to make sure you’ve covered all bases correctly, it doesn’t have to be a stressful time. We’ve put together a few tips to help you prepare and sail as smooth as possible into the new financial year. 
 
  Get the right advice
Just as you wouldn’t rely on an internet search for a health diagnosis, the same applies for the health of your business. Now is a good time to talk to us and work through what needs to be done before the year-end. We can help answer questions such as, what documents do I need to gather up? What sort of tax should I have paid? How much more do I need to pay and when do I pay it? Plus, everyone’s favourite question – can I pay less? 
 
Know as you go
If you’re using MYOB you can check in on your data at any time. If you don’t have access, then your accountant will need to invite you in. You can create a P&L (Profit & Loss) statement or a balance sheet in accounting software whenever you like - not just at year-end. This lets you know exactly how your business is performing at any time. This is key to understanding and managing your business’s financial health.


 Plan your year ahead
Now is a good time to talk to us to work on a plan for the new year. It’s a very good idea to make sure you have a business strategy in place to ensure there are no surprises – we can help with that.
 
Start the year with a clean slate
Tying up loose ends can make financial year-end much smoother. Make sure you’ve invoiced all customers correctly, and you’ve paid any due bills. Bank any cash and check that all payments have been recognised. Also ensure outstanding bills have been entered into your accounting software, and all work you’ve done has been invoiced. This will make going through your records a much smoother process for us or others involved.
 
 There is an easier way
A cloud accounting platform makes running your business easier and helps us or your accountant complete your year-end accounts faster. This is because everyone is working from the same set of data and it is always up-to-date – no messy backlog to deal with. Keeping on top of bank reconciliation also helps you stay in touch with what’s happening in your business. All of this, plus storing key financial documents in the cloud during the year, makes your financial year-end a breeze!
 
Business support measures
Make sure you consider the business support and tax relief measures introduced because of COVID-19 so you can sail as smooth as possible into the new financial year. There are some things you may not be used to thinking about when you prepare for end of tax year, which is why it’s good that you talk to us sooner rather than later.


The team here at Gunson McLean are busy preparing tax plans and forecasts for many of our clients in preparation for end of year. If you need help, please don't hesitate to get in touch. 

Tips for Moving Day

17 April 2025
It's that time again and Moving Day is upon. Moving Day' is a big day in the farming industry. To help you with a smooth transition here are some tips: Early preparation Make sure sharemilker or contract milker contracts are signed. Plan a farm inspection with relevant parties (farm owner, incoming and outgoing sharemilkers, farm manager, advisor). Recruit and finalise employment agreements for new farm staff. Communicate plans and dates with everyone involved. Contact your insurer and utility providers. Farm owner responsibilities Make sure employees leave the houses clean and tidy. Carry out house inspections for maintenance. Comply with healthy home standards. Confirm departure and arrival times with tenants. Consider drug testing, if needed. Animal movements and biosecurity Plan animal movements carefully. Clean and disinfect farm equipment and machinery. Minimise the risk of introducing exotic pests. About 5,000 farmers do this every year. Talking clearly and planning well makes this important farming tradition go smoothly.

Selling Your Business: What’s Next After You Exit?

11 April 2025
Selling your business is a huge milestone—one that marks the culmination of years of hard work, dedication, and vision. But once the deal is done and the dust settles, you may find yourself wondering, “What’s next?” Exiting your business opens up a world of possibilities. Here are five potential pathways to consider as you embark on this new chapter of your life. 1. Enjoy Retirement For many, selling a business is the gateway to retirement. After years of being immersed in the day-to-day demands of running a company, retirement offers the opportunity to slow down and enjoy life at your own pace. Whether it’s traveling, spending time with family, or taking up new hobbies, retirement allows you to focus on the things that bring you joy. Planning ahead—both financially and emotionally—will ensure you make the most of this well-earned time. 2. Invest in Other Businesses Selling your business doesn’t mean stepping away from the business world entirely. Many people choose to invest in other businesses, whether it’s through buying equity, becoming a silent partner, or supporting start-ups. Your years of experience give you a unique perspective, and investing allows you to stay connected to the business community while diversifying your income streams. 3. Start a New Venture Once an entrepreneur, always an entrepreneur! If you have a new idea or are passionate about exploring a different industry, selling your business can provide the resources and freedom to start fresh. Whether it’s launching a tech start-up, opening a café, or pursuing an entirely new market, starting a new venture keeps your entrepreneurial spirit alive. 4. Become a Non-Executive Director Another pathway is to leverage your expertise and become a non-executive director. Many businesses value the insight and guidance of experienced business people. As a non-executive director, you can provide strategic advice, mentor leadership teams, and help shape the future of other companies—all without the full-time commitment of running a business. 5. Pursue Philanthropy For some, selling a business is an opportunity to give back. You might choose to support causes you care about through charitable donations, creating a foundation, or volunteering your time. Philanthropy not only helps make a difference in your community or the wider world but can also provide a deep sense of fulfilment and purpose in your post-business life. Charting Your New Path Exiting your business is both an ending and a beginning. It’s a chance to reflect on everything you’ve achieved and to embrace new opportunities that align with your goals and passions. Whether you’re ready to relax and retire, dive into new ventures, or make a positive impact through philanthropy, the choice is yours. Whatever path you choose, careful planning will help ensure your next chapter is as rewarding and successful as the one you’ve just completed. If you’d like support in exploring your options or preparing for life after your business, don’t hesitate to reach out us for guidance.

How to Protect Your Business from 2025's Cyber Threats

7 April 2025
Cybercriminals are constantly finding new ways to trick businesses, and their scams are harder than ever to spot. Small businesses are especially at risk, often seen as easy targets due to limited resources or weaker security. But with the right precautions, you can protect your business and prove the scammers wrong. Be Aware of New Threats Staying informed is your best defence. Here are some of the latest cyber threats: AI-Powered Scams : Scammers now use artificial intelligence to create convincing phishing emails and fake websites that are difficult to distinguish from the real thing. Impersonation Attacks : Posing as banks, government agencies, or suppliers, attackers aim to trick you into sharing sensitive information. Deepfake Technology : Fake audio and video messages that mimic trusted sources are becoming more sophisticated and harder to detect. Train Your Team Educating your team is crucial. Teach them to: Spot warning signs, like urgent requests to act quickly. Double-check email addresses and URLs before clicking on links. Be cautious with unusual requests, even if they seem legitimate. Regular training sessions and phishing simulations can help your staff stay alert and recognise scams before they cause harm. Protect Your Business Basic but effective security measures can go a long way. For example: Enable two-factor authentication to secure your accounts. Keep your software and systems up to date. Use resources like the Business Online Security Series for practical cybersecurity tips. It's also wise to consult with your IT provider to evaluate your business’s vulnerabilities and develop a cybersecurity training plan for your team. Taking action now can save your business from potential threats while safeguarding your reputation. Stay informed, train your team, and strengthen your defences!
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