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.
MYOB shares how 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 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 also provide financial advice and services to individuals and businesses but in a more direct, organisational way.
They can assist you with completing and lodging tax documents and general tax planning, as well as with bookkeeping and financial reporting and forecasting.
If you’re looking for a qualified, experienced accountant, you can check out MYOB’s Partner Search page for details of people who work in your area.
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.
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.
MYOB is more than accounting software, it’s a business management platform that helps businesses take care of their customers, supply chain, employees, projects, finances, accounting and tax workflows – managed all in one place. Start with an easy and flexible solution that’s right for any stage of your business. Find out more here.
MYOB is a leading business management platform in Australia and New Zealand, providing solutions to streamline key business workflows, from finance and inventory management, to employee onboarding and payroll. With a core purpose of helping more businesses with 0 to 1000 employees in Australia and New Zealand start, survive and succeed, MYOB offers a richly curated, integrated and flexible platform that enables a business to make better decisions, unlock its full potential and confidently grow. For more information visit myob.com