Now the end of the calendar year is fast approaching, and many businesses shut down or partially close over the Christmas and New Year period, it is a good time for business owners to focus on areas they would normally put to the bottom of the pile. These may include:
#1 Estate Planning
It’s often the last thing a business owner wants to look at, but nevertheless it is very important. Whilst business owners may have wills, they are often very old and failing to take into account changes in personal and business circumstances. Whilst no one knows when their time will come, knowing that your assets will end up with the right person is comforting. Given many business owners affairs and families can be quite complex, getting the estate planning right, so that tax is minimised and assets end up with the right person, it is essential that this area is reviewed regularly. If you think your wills are completely out of date, talk to Graham or Geoff about getting your estate planning sorted.
As with estate planning, many people put off reviewing their personal and business insurance because it is either too hard or too boring to spend any time thinking about it. However, having the correct insurance is important to both estate planning, minimising risk, protecting your business assets, and protecting your most important asset – you.
The Australian benchmark interest rate is at its lowest for many years, and many economists are now predicting there will be further rate cuts next year. Have a look at the current rate on both your business and personal mortgages over the holiday period. You may be able to lower your interest rate over the next five years and save you and your business thousands of dollars.
The internet has had an impact on so many businesses in such a short space of time. There are so many changes happening that affect small business. Superstream is one example. As businesses must comply by the end of this financial year, now is a perfect time to ensure that your business is ready, and this may involve updating your accounting system to one that can handle the change. Check with Billings and Ellis about any aspect of Superstream needing clarification.
#5 Cloud Accounting
With more than 14% of Australian businesses now using a cloud-based accounting system (Xero report 2014), if your business is not among them it could be time to consider making the change. Billings & Ellis are experts in cloud accounting set-up and transition, and a chat with Geoff can help your business to make a smooth transition into a much more efficient and less paperwork-dependent accounting system.