How to Get Your Business Ready for the New Financial Year

The start of a new financial year can be a good opportunity to refresh your business approach, tidy up admin, and set new intentions. For Australian local businesses, preparing before 1 July could help make the rest of the year feel a little more organised and manageable. 

Below is a general guide you could use to help plan your FY26. Keep in mind that every business is different. If you're unsure, it may be worth chatting with a qualified advisor or accountant. 

1. Wrap Up the Current Financial Year 

Before looking ahead, it can be helpful to finalise your end-of-year tasks. Doing so may support compliance, simplify reporting, and give you a clearer view of where things stand. 



Some common EOFY tasks might include: 

• Reconciling bank transactions and business accounts 
• Sending final invoices and following up on outstanding payments 
• Making sure employee super contributions are submitted by June 30 
• Lodging payroll and tax-related documents 
• Organising receipts and reviewing possible deductions 

2. Look at Your Budget and Cash Flow 

A new financial year is a good opportunity to revisit your budget. Consider reviewing last year’s income and expenses to help forecast the year ahead.  

Key areas to evaluate include: 

• Monthly revenue goals 
• Expected operating costs (e.g., rent, wages, stock, insurance) 
• Seasonal fluctuations in your industry 
• Any additional spend on marketing, tech or staffing 



Creating a simple cash flow plan can help you stay on top of payments, tax obligations, and new opportunities without unwanted surprises. 

3. Revisit Your Business Plan and Goals 

As your business evolves, so should your plans. Taking some time to review your direction could help ensure you’re on the right path for FY26. 

You might like to ask yourself: 

• Are your products or services still meeting customer needs? 
• Are you looking to grow, maintain stability, or shift focus this year? 
• Are there any emerging trends or competitors to keep an eye on? 
• What kind of goals would feel meaningful? More customers, better systems, improved profit?

 

Even a simple one-page plan could help keep your decisions more intentional. 

4. Check Your Tools, Software, and Systems 

If it’s been a while since you’ve reviewed your tech or software, now might be a good time. Using tools that no longer suit your business can slow things down or add extra stress. 

You could look at: 

• Accounting software 
• Customer databases or CRM tools 
• Point-of-sale (POS) or online booking systems 
• Time tracking or project management platforms 



5. Refresh Your Marketing Approach 

The start of a new financial year is a great opportunity to revisit how your brand presents itself. Even small updates can make a big impact on how your audience perceives you. 

Opportunities to consider: 

• Updating your website or Google Business Profile 
• Planning seasonal campaigns or community promotions 
• Scheduling social media or email content in advance 
• Exploring small ad spends on Facebook, Google, or local platforms 



Tip: You don’t have to do everything at once, start with what feels manageable and aligned with your goals.