After completion of FY18-19, now we are stepping into the new financial year, here are some tips that we recommend for FY 19-20.
Retaining customers, remaining financially solvent and expanding the business are the key challenges for most businesses. It’s time to reassess business structure and cut down on non-profiting areas to gain a fresh perspective for better growth in this coming year. We are beginning the new financial year and this is the best time to take some strategic decisions.
Here are a few tips for businesses to gear up for a successful new financial year:
Review your finances
Before developing new strategies for a financial year, you must go through the company’s financial condition. An accountant or bookkeeper can help review bankings & finances, get accounts in place and prepare the tax returns. Based on this information, business owners can achieve greater support and control over business expenditures and manage to give employees a better way to control expenses.
Looking at the cash flow statement of past 1 year can help you establish patterns in expenditure and also forecast the year ahead. For a business with stock and inventory, to make room for new inventory, an inventory management tool can help identify obsolete and slow-moving products, which can be cleared through promotions before it’s too late.
Automate your business
Research shows that more than 70% of the organizations still rely on data manually entered by the employees which have chances of human errors. An automated solution like Marg ERP can significantly reduce mistakes, with its built-in error checking features and ability to provide accurate financial reports to the organizations at the touch of a button. This leads to business respond to issues sooner and more efficiently.
Plan your taxes
We saw several business owners have confusions related to GST and taxes. In order to avoid last minute hassles, we recommend you plan your taxes and invest in Marg ERP, a GST ready software right from day 1 of the new financial year.
Plan the goals
A strategy for constant growth should be outlined and planned as per the long term business’s goals. The business plan should include ways to better understand customer’s pain points because business largely depends on customer satisfaction. Using the supportive software and taking feedback of customers and partners can help develop solutions and services for the new financial year. To develop a competitive edge, customer specific requirements must always take the first priority.
Know your cash flow
A lot of businesses roll into the new financial year without inspecting the last year’s performance, often repeating errors. Before stepping into the new financial year you must analyze your last year’s transactions so that you do not repeat the errors. Through rational planning, businesses can improve their performance in the coming year. If you have still not set up your new financial year and want any assistance from Marg, watch our latest video
