With summer holidays winding down and routines returning to normal, February can be the perfect opportunity to get on top of tasks that often get pushed aside. Whether you’re managing your finances, planning ahead, or streamlining operations, there are plenty of things you can do to make the most of the summer lull and set your business up for success.
1. Audit Your Finances
The start of the year is a perfect time to review your business finances. Take a look at:
- Cash flow: Are you managing expenses and income effectively?
- Debtors and creditors: Follow up on overdue invoices and ensure your payments are on time.
- Budgets: Update your budget for the year ahead and account for any changes in business expenses.
2. Organise your books before EOFY
Avoid the EOFY scramble by using summer to get your books in order.
- Reconcile your accounts in your accounting software.
- File receipts and ensure all expenses are categorised correctly.
- Review and update your BAS (Business Activity Statement) records to stay compliant.
This is also a great time to consult with your tax accountant about strategies for minimising your tax liability before June 30.
3. Streamline operations and processes
Use the quieter months to evaluate your business processes. Ask yourself:
- Are there tasks that can be automated (e.g., payroll or invoicing)?
- Is your technology up to date?
- Are there inefficiencies in your workflow?
Investing in tools like cloud accounting software or project management platforms can help you save time and money.
4. Focus on strategic planning
With fewer daily demands, February is a great time to think big picture. Consider:
- Setting goals for the year ahead.
- Updating your business plan to reflect any changes in the market.
- Identifying new opportunities for growth or expansion.
Taking time to plan now can give you clarity and direction as the year unfolds.
5. Check in with your team
If you have employees, summer is a good time to regroup and realign. Schedule team meetings or one-on-ones to:
- Discuss goals and expectations for the year.
- Address any issues or concerns.
- Ensure everyone is on the same page about upcoming projects or priorities.
Engaged and motivated employees are key to your business’s success.
6. Use the time to upskill
If summer is a quieter season for your business, it is the perfect opportunity to invest in professional development. Whether it’s attending a workshop, completing an online course, or reading up on industry trends, learning something new can give you and your business an edge.
Make the most of summer
While summer might feel like a time to slow down for some, it’s also a valuable opportunity to catch up, plan ahead, and position your business for a successful year. By taking these steps now, you’ll hit the ground running when things pick up again.
If you’re ready to take your business to the next level, our team can help with tax and accounting support, tax returns, SMSF Accounting, and business advice tailored to your needs.
Chat with the team at APS Tax & Accounting
Written by APS Chief Financial Officer and head of APS Tax Accounting and Business Services, Stephen Fry.
Stephen is an accountant with over 13 years of professional expertise in the areas of taxation and accounting. Currently serving as Chief Financial Officer and head of APS Tax Accounting and Business Services, Stephen offers comprehensive guidance and ensures compliance in all tax-related matters. He has developed a specialised focus in areas such as self-managed superannuation funds, cryptocurrency taxation and leveraging software and technology to assist clients in streamlining their processes. Beyond his professional pursuits, Stephen cherishes quality time with his family and enjoys unwinding on the golf course. On the weekends he also enjoys following the AFL and watching British comedy television.