{"id":356,"date":"2019-02-22T06:40:46","date_gmt":"2019-02-22T06:40:46","guid":{"rendered":"https:\/\/blog3.indifi.com\/?p=356"},"modified":"2019-08-09T11:05:45","modified_gmt":"2019-08-09T11:05:45","slug":"5-practices-small-businesses-must-do","status":"publish","type":"post","link":"https:\/\/www.indifi.com\/blog\/5-practices-small-businesses-must-do\/","title":{"rendered":"5 Financial Practices That All Small Business Owners Should Do At The Beginning Of A New Fiscal."},"content":{"rendered":"\n<div class=\"wp-block-image size-medium wp-image-545\"><figure class=\"alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"450\" height=\"300\" src=\"https:\/\/blog3.indifi.com\/wp-content\/uploads\/2019\/02\/5-Financial-Practices-that-all-Small-Business-Owners-should-do-at-the-Beginning-of-a-New-Fiscal-Year-450x300.jpeg\" alt=\"5 Financial Practices that all Small Business Owners should do at the Beginning of a New Fiscal Year\" class=\"wp-image-545\" srcset=\"https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2019\/02\/5-Financial-Practices-that-all-Small-Business-Owners-should-do-at-the-Beginning-of-a-New-Fiscal-Year-450x300.jpeg 450w, https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2019\/02\/5-Financial-Practices-that-all-Small-Business-Owners-should-do-at-the-Beginning-of-a-New-Fiscal-Year.jpeg 626w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><figcaption><em>5 Financial Practices that all Small Business Owners should do at the Beginning of a New Fiscal Year<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ve come to the start of a brand new financial year. You\u2019ve done the taxes for last year, and now it\u2019s time to start planning for the next year ahead. This is the ideal time to focus on your SME, getting a head-start on accounting, IT and other administrative tasks. This not only helps you start the new fiscal year on the right foot but also helps you stay better prepared for the challenges thrown your way, in the upcoming year.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background has-vivid-green-cyan-background-color\" href=\"https:\/\/www.indifi.com\/small-business-loans-india-without-security\">Apply Online For Small Business Loans<\/a><\/div>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.indifi.com\/blog\/5-practices-small-businesses-must-do\/#5_Small_Business_Practices_To_Adopt_At_The_Beginning_Of_The_Financial_Year_To_Start_The_Year_On_The_Right_Note\" >5 Small Business Practices To Adopt At The Beginning Of The Financial Year To Start The Year On The Right Note<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.indifi.com\/blog\/5-practices-small-businesses-must-do\/#1_Analyse_Cash_Flow_Patterns_Of_Last_Year\" >1. Analyse Cash Flow Patterns Of Last Year<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.indifi.com\/blog\/5-practices-small-businesses-must-do\/#2_Follow_Up_On_Receivables\" >2. Follow Up On Receivables<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.indifi.com\/blog\/5-practices-small-businesses-must-do\/#3_Get_Your_Financial_Books_In_Order\" >3. Get Your Financial Books In Order<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.indifi.com\/blog\/5-practices-small-businesses-must-do\/#4_Evaluate_Current_Taxes_And_Look_For_Ways_To_Reduce_Your_Tax_Burden\" >4. Evaluate Current Taxes And Look For Ways To Reduce Your Tax Burden<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.indifi.com\/blog\/5-practices-small-businesses-must-do\/#5_Finally_Set_Goals_And_Plan_For_The_Year_Ahead\" >5. Finally, Set Goals And Plan For The Year Ahead<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.indifi.com\/blog\/5-practices-small-businesses-must-do\/#Thats_It_Youre_All_Set_For_The_New_Financial_Year_Ahead\" >That\u2019s It: You\u2019re All Set For The New Financial Year Ahead<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Small_Business_Practices_To_Adopt_At_The_Beginning_Of_The_Financial_Year_To_Start_The_Year_On_The_Right_Note\"><\/span>5 Small Business Practices To Adopt At The Beginning Of The Financial Year To Start The Year On The Right Note<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Analyse_Cash_Flow_Patterns_Of_Last_Year\"><\/span>1. Analyse Cash Flow Patterns Of Last Year<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Cash flow is the best way to identify the health of your business finances in the last year. Here are three factors to consider:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u25cf Cash flow from your regular operations\u200a\u2014\u200aexpenses and revenue<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u25cf Cash flow from financial activities\u200a\u2014\u200aloans and repayments<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u25cf Cash flow from investments\u200a\u2014\u200aassets purchased and assets sold<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This helps you to identify gaps in your cash flow. You can easily find out what went wrong and where your funds were locked up. To avoid similar cash crunches in the New Year, you can set up a <a href=\"https:\/\/www.indifi.com\/unsecured-line-of-credit-loans-india\" target=\"_blank\" rel=\"noopener noreferrer\">line of credit<\/a> from digital lending platforms like Indifi. A line of credit is a great way to avoid cash flow issues, and continue growing your business, irrespective of changes in cash flow patterns.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Follow_Up_On_Receivables\"><\/span>2. Follow Up On Receivables<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">As a small business owner, it\u2019s essential that you maintain a real-time list of invoices that are unpaid. The start of the financial year is a good time to chase outstanding bills and collect them. This way, your cash flow gets a boost, and you can start the New Year on a positive note.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Get_Your_Financial_Books_In_Order\"><\/span>3. Get Your Financial Books In Order<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Some small businesses find this extremely easy, while others have a hard time navigating their complex financial statements. Before you start the fiscal year, ensure that you have entered all receipts, invoices, bills and other payments in your books. If you are having a hard time managing day-to-day finances, on top of your other operations, you can consider hiring an account. If not, you can consider investing in financial software to help you with various calculations and reports.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-green-cyan-color wp-block-paragraph\">Also Read: <a href=\"https:\/\/blog.indifi.com\/business-benefits-from-merchant-cash-advance\/\">Top 5 Reasons Why Your Business Benefits From A Merchant Cash Advance <\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Evaluate_Current_Taxes_And_Look_For_Ways_To_Reduce_Your_Tax_Burden\"><\/span>4. Evaluate Current Taxes And Look For Ways To Reduce Your Tax Burden<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The end of the financial year is a busy period, where you are rushing to get your taxes in order. Now that you\u2019ve started the new fiscal year don\u2019t wait till the end of the year to do your taxes. Start by evaluating the current taxes you have paid, and investigate different tax strategies to reduce your tax burden. Take with your accountant\/auditor to find the right tax strategies for your business.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Finally_Set_Goals_And_Plan_For_The_Year_Ahead\"><\/span>5. Finally, Set Goals And Plan For The Year Ahead<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Now, that you\u2019ve done the heavy lifting, it\u2019s time to plan for the coming year. Start by setting goals you want your business to accomplish in the New Year. Then, you have to prepare action plans and figure out how to achieve your goals. For example, if it\u2019s your goal to upgrade your business equipment this year, then explore the range of <a href=\"https:\/\/www.indifi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">available business loans<\/a> and try to get your finances sorted, so that you can quickly achieve your goal.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thats_It_Youre_All_Set_For_The_New_Financial_Year_Ahead\"><\/span>That\u2019s It: You\u2019re All Set For The New Financial Year Ahead<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You would have heard this saying countless times, \u201cFailing to Plan is like planning to fail.\u201d Use the start of the fiscal year, to get you in the groove and prepare your business for new growth in the upcoming year.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-green-cyan-color wp-block-paragraph\"><a href=\"https:\/\/www.indifi.com\/short-term-small-business-loans\">Apply For Small Business Loans Online<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve come to the start of a brand new financial year. You\u2019ve done the taxes for last year, and now it\u2019s time to start planning for the next year ahead. This is the ideal time to focus on your SME, getting a head-start on accounting, IT and other administrative tasks. This not only helps you [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[141],"tags":[12,26,90],"class_list":["post-356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business-loans","tag-finance","tag-line-of-credit"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/comments?post=356"}],"version-history":[{"count":9,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/356\/revisions"}],"predecessor-version":[{"id":1788,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/356\/revisions\/1788"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media\/545"}],"wp:attachment":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media?parent=356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/categories?post=356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/tags?post=356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}