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Positive Energy for the New Financial Year
That time of year has crept up on us again. End of Financial Year….
What feelings do these words invoke in you? For some, these words bring stress and worry about deadlines and overtime. For me, on the other hand, I feel a sense of anticipation. Yes, it can be tense, but just like the demanding lead-up to Christmas at the end of the calendar year, it can also be a time for reflecting on the past year and then looking forward to new beginnings of the year ahead.
It’s a fresh start, a time to make new goals and to decide what is needed for the financial health of the business. To consider what hasn’t been working, and how to make changes if needed. The data for the full twelve months is now complete giving a comprehensive picture for reporting and charts, and now can be accurately compared to the previous financial year’s results. It’s a time to set budgets for the new year and to forecast profits.
For business owners and financial managers, it’s a chance to take stock of where the business is headed and which direction to drive it. Even for employees who aren’t involved in the financial administration of the firm, it can still be a time to analyse individual performance and resolve to make improvements.
It can be cleansing. Old files can be purged; data no longer needed can be deleted and paper documents can be archived or destroyed. Financial workbooks and spreadsheets are reconciled and finalised for the year and new ones created. Data is reconciled giving an opportunity to find mistakes they may have gone unnoticed; and corrections can be made. It can be a time for analysing the existing financial processes and making changes when needed.
If you are finding you are feeling stressed out by the end of the financial year looming, then maybe it’s an opportunity to contemplate the positive energy the fresh start can bring!
Rebecca Dann
Finance and Administration Manager
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