As NSW and the rest of the country begins to reopen, business leaders are focusing on the proactive steps they can take now to operate with greater confidence.
Here, we reflect on key lessons learned over the past two years, and consider the focus areas that will help deliver efficiencies, growth and success through the coming months.
Managing cash flow
Cash flow management is one of the more significant challenges business owners face in the current climate. Amid the uncertainty around trading conditions, it is understandable that many have been reluctant to expend time and resources forecasting cash flow.
However, developing a clearer picture of cash flow will create greater certainty around near-term trading positions, including tax, super and wage commitments, particularly as stood down staff return to work. This will provide the financial confidence necessary for making decisions as opportunities arise or circumstances change.
Everyday accounting
Much has changed over the past two years, particularly with regard to supply chain and revenue interruptions. Businesses that leverage technology tend to be better positioned to adapt to changes and challenges, such as new tax and regulatory issues or adjusting to remote working conditions.
Businesses that have undergone changes are likely to require adjustments to in-house accounting processes. Shoring up financial reporting, accounts payable and month-end close processes will also add to business owner confidence as current and accurate reports will support decision making.
Ever-emerging technology available in automation and cloud-based accounting software that can update existing systems may be well worth investigation.
Tax matters
Tax matters will likely require a sharper focus post-COVID. Businesses that have taken advantage of government support can take proactive steps now to manage the tax implications and ensure cash flow projections accommodate their tax obligations.
Next steps…
Each of the lessons learned through COVID is valuable, particularly those that have pushed innovation and will remain part of the post-pandemic business framework.
As you consider the way forward for your business, may we invite you to lean on us for continuing guidance and advice on your business accounting matters.
We can assist you to take stock of the disruption you’ve endured and the impact of change, consider your current position, and ultimately help you to move forward with confidence.
For more information about preparing your business for the next phase, please contact Rosenfeld Kant on (02) 9375 1200 or email gary@roskant.com.au, raul@roskant.com.au or elias@roskant.com.au.
Partnering with you to deliver efficiencies, growth and success for your business.
The information (including taxation) contained within this article is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Rosenfeld Kant strongly suggest that no person should act specifically on the basis of the information in this document but should obtain appropriate professional advice based on their own personal circumstances.