EOFY small business tips


5th April, 2024

6 ways SMEs can kickstart the new financial year

The new financial year is not just about a change of date — it’s a chance for you to set fresh goals and take your business to new heights.

As we start a new financial year, it’s the perfect time to shake up your routine and inject new energy into your work life.

Whether it’s finding smarter ways to manage your finances or not leaving things to the last minute, we speak to MYOB Partner Success Managers Ian Barron and Tess Jolly about how you can kick off this year on a high note.

Get everything online

The best new year’s resolution for your business? Get everything online.

Suddenly, you’re not just a local shop but open to the world 24/7. And your paperwork?

That mountain becomes a molehill when it’s digitised, searchable and accessible from the device in your pocket.

More importantly, it lets you focus on what you do best: growing your business, crafting your products, and providing top-notch services, while the backend — bookkeeping, billing and communication — runs quietly and efficiently in the background.

“It’s all about running your business in real-time. This is how small businesses punch above their weight in the digital age,” says Ian.

New financial year
Reduce endless paperwork by getting your business completely online.

Do business on the go

Doing things as you go is the biggest time saver for any business.

If you can get every bit of admin done as it comes in, it’s not stacking up for you when you get home.

And with online accounting software, this is made easy. For example, with the MYOB mobile app, you can manage invoices easily while you’re out on jobs.

You can quickly find customer details, turn quotes into invoices, and get paid on the spot by leveraging online invoice payments through Stripe.

Tess notes that this also helps you get paid up to four times faster, which is great for your cash flow.

Take a snapshot of your whole business

For businesses that want a holistic view of their financial status, MYOB offers a cash movement report feature.

Tess explains how this consolidated view can be invaluable for making strategic decisions — especially when looking to invest or secure loans.

“It’s particularly useful for businesses managing multiple entities, as it consolidates financial data from across their entities into one comprehensive report.”

Start doing your payroll online

You can also kickstart the new financial year by streamlining your payroll. With MYOB payroll, you have direct communication with IRD.

This also means you’re able to complete your pay run, and with a few clicks, the necessary bank files are ready. Then, send the files to your bank, and your employees can be paid.

“It’s quick, compliant and hassle-free, setting you up for a smooth financial year ahead,” says Ian.

Invest time in learning

Knowledge is power, especially when it translates into efficiency and savings.

You have online guides at your disposal and expert advice from your accountant just a call away. Familiarise yourself with the resources available to help you use your financial software more effectively, saving precious time.  

“That’s time you can redirect towards growing your business,” says Ian. 

Make plans with your financial advisor now

A chat with your advisor at the start of the financial year can help set clear, achievable goals.

It’s about creating a roadmap for the year ahead, identifying opportunities, and pre-empting challenges. Plus, regular meetings can build a solid foundation for a successful partnership.

Small changes, big results

Lastly, by embracing technology to streamline your operations, prioritising your wellbeing, and speaking proactively with your financial advisor, you’re laying the groundwork for a year of growth and success.

Tools and systems like MYOB will support these efforts, giving you a powerful backbone for your business activities. Here’s to making this a year to remember — for all the right reasons!

Ready to streamline your business management? Start using MYOB from $5 per month* today. 

Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information. 

MYOB is not a registered entity pursuant to the Tax Administration Act 1994 Agent Services Act 2009 (TASA) and therefore cannot provide taxation advice to clients. If you have a query concerning taxation including filing your BASGST return or annual tax statements then you should consult with your accountant or other registered tax adviser. 

*Offer: Pay $5 per month + GST for a base subscription of MYOB Business Lite or $8 per month + GST for a base subscription of MYOB Business Pro for a period of 6 months. Offer available for new and returning MYOB customers who have not had an active MYOB subscription for at least 30 days and eligible members of the MYOB Partner Program. Additional fees or charges apply for the use of Premium Features, including PayrollOnline Invoice Payments and Premium Inventory. Offer ends 24 April 2024, unless extended. Not available in conjunction with MYOB’s 30-day free trial or other offers. Further exclusions apply. See Full T&Cs here.