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Tips for small businesses this End Of Financial Year

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Small business owners in the hospitality field should now be looking to do a “finance health check” of their business as the end of the 2015 financial year approaches.

Despite recent Australian Bureau of Statistics (ABS) data showing that the national overall turnover in the café, restaurant and catering industry increased nine per cent in 2014; spend per person is in decline, with the hospitality industry being among the first hit when economic conditions worsen.

Many hospitality business owners focus solely on tax minimisation strategies at EOFY, however looking more broadly at all business activities will help businesses move forward on operating procedures and wealth creation strategies.

As a business owner and founder of Impos Point Of Sale, Sean O’Meara understands EOFY can be a challenging time of year for many small businesses. However he says with the right planning, small business owners can use the opportunity to give their business operations a significant boost.

“The additional administration burden and time required to complete tax obligations and make purchasing decisions at EOFY can make it a difficult and stressful time for owners and managers of small businesses.”

“The largest consequence of insufficient preparation at EOFY is that the business bottom line misses out. Allowing adequate time to prepare will enable you to focus on the little one per-centers which can set your business up for a strong year ahead.”

Sean O’Meara has developed the following ‘readiness’ tips for small business owners at EOFY:

* Take stock on last year: How did your business perform in the last year? What were your greatest business challenges? Consider where your small business is heading and look at making some new plans.

* Seek help: In-depth reports, accounting integration and consultative advice from industry experts are available to help guide small businesses through EOFY. For example, Impos runs education campaigns every May and June, providing advice to clients on how to best take advantage of tax time.
* Review trade partners: To ensure you’re getting the best prices and quality on systems processes, which will impact, positively on your profit.

* Long term view to cash flow: Cash flow is king to any business, in particular seasonal businesses that might experience peaks and troughs.

* Budget for the long term: Budgeting and forecasting 12-mths forward is the best way to prepare and buffer for changing environments.

* Finance offerings: Small business owners should examine finance options available to help make the most of the End Of Financial Year Sales.

* Make the most of tax breaks: For example, the $20k tax deduction announced in the 2015 Federal Budget, which will enable start-ups that are already running a profit to make an immediate tax deduction (accelerated depreciation) on each asset costing less than $20,000.

With the end of the financial year looming, now is the perfect time to upgrade your current, out of date POS to an Impos point of sale system. Impos is running an EOFYS special until June 30th.

Sean O’Meara explains, “A primary challenge common to the hospitality industry is managing cash flow against increasing costs of wages, rent and produce because it’s sensitive to seasonal peaks and troughs. Many cafés and restaurants – particularly in the southern states – are grappling with changing seasons around EOFY”.

“This means they’re more focused on required changes to menus to account for produce availability as well as staffing requirements and venue aesthetics to reflect the colder, wetter and shorter days. However, with the right planning, business owners can use EOFY to look beyond short-term tax minimisation strategies and towards improving business operations over the long term.”

It is with this in mind that Impos is currently offering our EOFYS to those who sign up before the end of the financial year. Join Impos and receive a free thermal printer and free cash drawer with each purchase of an Impos terminal, as well as the first two months of your lease payments completely free of charge.

All of these offers are available to those who sign up before June 30 2015, regardless of the date of install- so ensure you don’t miss out and get in touch with Impos now.

Contact [email protected]