Shore up your cash flow before EOFY.

As the End of Financial Year (EOFY) approaches, ensuring a healthy cash position is crucial for the ongoing success of your business. This is particularly important in the current climate of high interest rates, inflation and volatile operating conditions.

Here are some ways to shore up your cash flow:

Tax considerations

Planning for tax payments:

It's crucial to ensure you have enough funds to cover any additional GST and other taxes due after June 30. This helps avoid unexpected financial strain and penalties.

Tax breaks:

Get familiar with any tax benefits your business might be eligible for. For example, the Instant Asset Write-Off threshold has been temporarily increased until 30 June 2024, allowing eligible businesses to immediately deduct the full cost of selected assets worth less than $20,000 if they are used or installed by that date.

Pre-paying expenses:

To improve your tax position, consider pre-paying some of the next financial year’s expenses within the current financial year. This strategy can provide additional deductions and improve cash flow in the following year.

Recovering unpaid invoices:

Collecting unpaid invoices from customers before the EOFY can bolster your cash flow and improve your financial position as you head into the new financial year.

Taking control

Optimising supplier payment terms:

Making good use of your suppliers’ payment terms by delaying payments until they are due can help manage your cash flow more effectively.

Converting stock to cash:

Turning slow-moving or obsolete stock into cash, through an EOFY sale, not only clears out inventory but also injects much-needed cash into your business.

Monitoring debt levels and expenses:

Keeping a close eye on your debt levels and expenses, reducing unnecessary costs and managing debt can significantly improve your cash flow.

Creating a cash flow forecast:

The EOFY is an ideal time to draw up a cash flow forecast for the next 12 months. Identifying potential cash flow challenges and planning accordingly can help cushion or even avoid financial setbacks.

Tapping into outside finance

Traditional business loans:

These can provide the necessary capital to manage cash flow and fund operations.

Asset finance:

This option helps you acquire essential assets for your business without incurring large upfront costs. It's a practical solution for ongoing operations and growth.

Invoice finance:

If waiting for customer payments is hindering your cash flow, invoice finance can help. This allows you to receive advances on outstanding invoices, ensuring continuous trading.

We can help.

Proper cash flow management can help you navigate these challenges and set your business up for success in the new financial year.

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