The New Financial Year Is Looming

Are you ready for the new year?  Today we want to remind you of those tasks that need to be completed about now so you can wrap up the old and be ready for the new.

Review your budget and plan for the next year.  How well did your current budget work for you?  Did the money arrive when needed and was it used well?  Were there any gaps in cash flow that you need to prepare for in the future?   Were there any sources of income that you missed out on that you could mark on your financial calendar for the new year?

Have your goals and objectives changed for the new year?  Every business evolves over time and changes to meet new priorities and the social and economic demands of the time.  Not For Profits are no different. Have your goals changed lately? Check that the work you are doing (and the way you are doing it) is still leading you where you need to go.

Is your current accounting system working for you?  If you are still running your books manually or with a labour intensive process consider changing to a streamlined and transparent process such as Admin Bandit’s online system.

Arrange your annual audit.  This will be a busy time of year for most auditors so book your auditor well in advance if you can.

Prepare your accounts.  Your auditor will need to see your reports and accounts such as your assets and liabilities, and your income and expenditure. Make sure everything is properly documented so that you can produce evidence if required.

Prepare your annual report.  The primary purpose of your annual report is the presentation of financial information. Take the opportunity to show your organisation in action so people can actually see the money and what it is achieving.  This will help you when you need to ask for donations in the new year.

Organise your AGM.  There is a legal requirement to hold an AGM no matter how small your organisation is.  Don’t just use it to talk about funding and finance. While it’s essential to present your financial reports to your members, it’s also a good time to show them what successes you’ve had during the year. Read more about making your AGM work for you at the Admin Bandit website.

For more information on preparing for the end of the financial year, visit our earlier posts here and here.