A guide to starting the 2024/25 financial year on the right foot

Starting the new financial year on the right foot will set you up for the rest of the year and lend you a helping hand in meeting business objectives. 

The start of the financial year brings an opportunity to make your business more profitable and efficient than the previous year, so it’s a good time to plan for the year and the future of your business.

Reflect and review

Taking the time to look back on the 2023/24 financial year, including your profit and loss statement, cash flow statement and balance sheet will help you to fully understand where your business stands financially. Information and knowledge is king here – leaning on other business members to gather further information will only increase your understanding of how problems have been handled. 

This is also a great opportunity to assess if you would make the same decisions if you had the time again. If a particular issue looks like it could occur again in the 2024/25 financial year, decide how you would handle it this time around to prepare in advance.

Set new financial goals

Goals can only be achieved if they have been set. Taking everything you know about the business’s performance in 2023/24, you can start to map out a few goals for 2024/25 before setting out how they can be achieved. 

For instance, if you’re looking to improve your bottom line in 2024/25, the start of the financial year is the optimum time to look at growing earnings and reducing costs. Your accountant should also be able to easily identify areas of opportunity for you to streamline your finances and make savings.

Get your record keeping in order

An organised set of financial accounts is always going to be beneficial for regular check-ins. Assess your current system for keeping receipts, invoices and other financial documents in order – if the thought of looking for something fills you with dread, it’s probably time to sort it out. 

KashFlow is an excellent tool for providing a snapshot of your financial records at any point in time and does the hard work for you when it comes to organisation. Having a system that works for you will wipe the slate clean for 2024/25 and help you to move forwards with planning and meeting objectives. 
If you would like to discuss your goals for 2024/25 with a member of our team, please get in touch.