Planning & Budgeting for the End of the Financial Year
For some businesses, the end of the financial year is synonymous with last minute book-keeping and a struggle to find old receipts and purchase orders. It’s a stressful time and can put unwanted pressure on the business, subsequently impacting employees and even customers/clients.
For other businesses, those that have planned and budgeted effectively, it can be an exciting time of the year to allocate remaining budget within the business. This can be used to tactically reinvest in equipment or stock, or similarly, treat employees and clients to boost morale and satisfaction.
When attracting new clients or retaining top talent can be so competitive, doing everything you can to keep the people that power your business happy, is certainly a wise idea.
Tips and Ideas for EOFY Planning
Planning for the EOFY can offer businesses lots of tangible benefits. It pays to be prepared and businesses can not only profit from the peace of mind of having their accounts accurate and up-to-date, but also profit from being able to invest remaining budget into things that will positively impact their business, employees and customers.
Follow the tips below to make the most of your end of financial year planning.
Arguably the best thing you can do with remaining budget is reinvesting it into your business’ most important asset – its people.
Employee retention can be such a difficult aspect of running a business so ensuring employees and top talent know they are appreciated and getting rewarded for all their hard work, is without doubt, incredibly important in today’s commercial climate.
If budgets are tight, simply taking staff out to dinner or for drinks can illustrate your appreciation for all their hard work. You could even host a rewards evening, whereby you hand out specific awards for individual efforts too.
For businesses that want to really impress their staff, organising memorable events can keep morale high going into the new financial year. There are so many things you could do for your staff. For Sydney based businesses, the Harbour is such a buzzing place that time of the year, hiring a boat and celebrating in true style could be the ultimate employee treat you’ve been looking for.
Another valued way to spend remaining budget wisely is to treat clients. Retaining clients and going the extra mile for them is a sure-fire way to keep the business growing.
Gifts and presents can be commonplace these days so organising joint events can be a simple but effective way to stand out in the crowd. Having a chance to socialise and get to know clients in a more informal setting is a fantastic way to evolve the relationship with clients into something that is stronger and longer-lasting.
For clients outside Sydney, a trip to the capital can be a great experience and offer them treasured memories.
Again, hiring a boat in Sydney Harbour has to top the list for things to do with clients in Sydney, but there’s scope to be creative and innovative, hosting any kind of event or activity you think they’d like.
Reinvesting in Equipment or Stock
In recent years, many outlets have started EOFY sales and discounts, aimed at attracting sales for those looking to spend any remaining budget.
From computer and phones to office equipment and even more niche supplies, its often worth looking around and seeing if there are any deals to be had during this time of the year.
Make sure you don’t just buy things for the sake of it. If your business doesn’t need it, don’t just buy equipment or stock for the sake of it. This is often why investing in treating your staff is a great way to spend remaining budget, as that will always offer tangible benefits for your business due to increased morale and productivity.
Invest in Services or Training
If there are any services you know you need, thinking about when to invest in them can be worthwhile from a book-keeping perspective.
Whether you’re using a marketing agency or external recruitment, all these costs should be well thought out and budgeted for.
Similarly, you may need to train employees in certain skills, so paying for that type of training can be worthwhile before the end of the financial year.
End of the Financial Year in Australia
The end of the financial year in Australia is 30th June 2019.
By this date, you’ll want to ensure you have all your accounts and book-keeping up to date.
1st July 2019 marks the start of the new fiscal year.
Celebrate the End of the Financial Year with Karisma Cruises
If you’re looking to celebrate the end of the financial year in style, look no further than Karisma Cruises.
In fact, this year, we’re offering a very special deal to celebrate the EOFY. This includes a free DJ and complimentary drinks on arrival for any 3 or 4 hour charter booked in for May 1st to July 31st 2019. For more details on this special offer, simply get in touch with our team to learn more.
Don’t miss out on the opportunity to invest spare budget into something that will give employees or clients an unforgettable experience. And with the end of the financial year coinciding with Vivid Sydney, the Harbour offers the perfect background to spend quality time with the people that have worked tirelessly over the past year.
Hiring a boat in Sydney Harbour is the ultimate way to reward your employees and show your appreciation. To learn more about our vessel, the Karisma, and how you can charter and hire the boat for your corporate event, simply get in touch with our friendly team to discover everything we offer.
From fully catered events to BYO boat hire, our vessel is the perfect setting to host whatever kind of party or event you need to.