7 Tips for Proactive Planning in the New Financial Year
The start of a new financial year presents the perfect opportunity to establish systems and processes that will support your business growth for the next 12 months and beyond.
Rather than approaching the new year reactively, forward-thinking businesses use this transition period to implement strategies that will maximise opportunities and minimise stress throughout the year.
At Inspired Accounting, we've helped countless businesses transform their approach to financial management.
Here's how you can set your business up for success in the 2025-2026 financial year.
1. Schedule a Strategic Tax Planning Session
The most successful businesses don't wait until tax time to think about tax planning. Schedule a dedicated planning session with your accountant in July to:
Review the effectiveness of your business structure for your current and future goals
Implement a quarterly tax planning schedule to stay ahead of obligations
Identify specific growth opportunities and tax incentives relevant to your industry
Set financial goals aligned with tax-efficient strategies for the coming year
Real impact: Clients who participate in our strategic planning sessions in July report feeling significantly more confident about their financial direction and typically identify 3-5 major opportunities they would otherwise have missed.
2. Optimise Your Financial Systems
Starting the new financial year with streamlined systems will save countless hours and provide better insights throughout the year:
Review your accounting software setup, ensuring you're using the latest version of Xero, MYOB or QuickBooks with all bank feeds correctly connected.
Ensure the chart of accounts accurately reflects your business by removing obsolete accounts and adding categories that better track your specific operations and revenue streams.
Implement cloud-based receipt capture systems like Hubdoc, Dext or Receipt Bank that allow your team to digitise receipts instantly from their mobile devices.
Set up regular financial review processes including monthly profit and loss meetings and quarterly budget reviews to stay proactive rather than reactive.
3. Create a Comprehensive Financial Calendar
Don't let important deadlines catch you by surprise. Develop a financial calendar that includes:
BAS due dates with preparation time blocked out in advance
PAYG instalment due dates and calculation review periods
Superannuation payment deadlines (including buffer time for processing)
Planned quarterly tax review sessions with your accountant
Key dates for industry-specific grants or incentives
Important renewal dates for insurances, certifications, and subscriptions
Tip: Share this calendar with your team and set up automated reminders at least two weeks before each deadline to ensure nothing falls through the cracks.
4. Establish Key Performance Indicators
What gets measured gets managed. The beginning of the financial year is the ideal time to:
Define 3-5 key metrics that will drive your business success
Set up automated tracking and reporting for these metrics
Establish clear targets and review points throughout the year
Create a dashboard that gives you visibility of performance at a glance
5. Review and Update Your Pricing Strategy
Many businesses neglect regular price reviews, leading to profit margin erosion. Use the new financial year to:
Analyse the profitability of your products or services line by line
Compare your pricing with current market rates and competitor offerings
Calculate the impact of recent cost increases on your margins
Develop a communication strategy for any necessary price adjustments
Tip: When reviewing your pricing, don't just look at your direct competitors. Examine businesses in adjacent industries that solve similar problems for your customers.
This broader perspective often reveals untapped value and positioning opportunities that can support higher pricing without focusing solely on cost-based calculations.
7. Invest in Team Development
Your team's capabilities directly impact your business performance:
Identify key skills gaps and training opportunities
Schedule regular professional development throughout the year
Plan for potential new hires based on projected growth
Implement performance review processes that align with business goals
Tip: Create a skills matrix for your team that maps current capabilities against future business needs. This visual tool helps identify both individual development paths and critical skill gaps that might require new hires.
Review this matrix quarterly to track progress and adjust training investments based on evolving business priorities.
The Proactive Advantage
Businesses that take a proactive approach to planning consistently outperform those that operate reactively. Our clients who implement comprehensive planning at the start of the financial year typically report:
15-25% higher profitability than industry averages
Better cash flow management with fewer unexpected shortfalls
More strategic decision-making throughout the year
Reduced stress during compliance periods
Clearer focus on growth opportunities rather than administrative challenges
Your Next Steps
Now is the perfect time to set your business up for success in the new financial year:
Book a planning session with Inspired Accounting to develop your tailored financial year strategy
Review and optimise your systems before the new year begins
Establish your critical metrics and tracking processes for improved performance visibility
At Inspired Accounting, we specialise in helping forward-thinking businesses implement proactive financial strategies that drive growth and success.
Contact us today to discover how we can help your business thrive in the coming financial year.
Grow and protect your business - the Inspired way
Inspired Accounting helps ambitious businesses achieve their growth goals through proactive accounting strategies and clear, actionable advice.
Phone us: 0409 383 855