How to leverage your trusted advisors in FY25 to grow your business

- June 13, 2024 2 MIN READ

Despite a sluggish 12-18 months, many businesses, from sole traders to mid-sized firms, remain committed to growth in the next financial year. Kim Clarke, General Manager, Enterprise, MYOB, explains why so many are focused on growing their business.

Our recent research of Australian small and medium enterprises reveals that just over a quarter (27 per cent) of respondents expect their revenue to increase next year, compared to their current level, and 28 per cent think they’ll be more profitable.

Productivity will be a key priority for business owners who want to use this time to get themselves set up for success. And businesses need not tackle this on their own. Particularly for mid-market businesses and SMEs primed for growth, their accountants and bookkeepers should be their trusted advisors.

So what’s the best way to leverage an accounting partner in FY2025? Talk to them about these four important topics.

Compliance and legislation

Compliance isn’t always top of mind for businesses in growth mode, so having a knowledgeable eye on up-to-date business legislation, current compliance requirements and tax laws can help you save money, take advantage of incentives and avoid costly penalties in future.

Most business leaders can’t be across all the details of financial compliance, so having a partner who can take this off your plate is a win.

Financial forecasting

Boosting productivity and achieving increased growth is exciting for any business, but not all businesses are in a position to grow sustainably or understand all the implications of ambitious plans.

Accountants and bookkeepers can provide financial forecasting and budgeting services, using past performance to predict future revenue, expenses and cash flow. This will help businesses to allocate resources accordingly and make informed decisions, reducing the risk of nasty surprises down the track.

Strategic advice

Businesses shouldn’t underestimate an accountant or bookkeeper’s potential to offer strategic business advice beyond financial and tax guidance. These experts have a wealth of knowledge that can benefit any business. These might include offering market trend insights, competitor analysis, or tips on optimising business models and planning.

They can offer strategic support for all kinds of business decision-making, whether you plan to enter new markets, expand product lines or grow your team.

Cost reduction

A dollar saved is a dollar made, so having help to identify areas where costs can be reduced is a great value add for your business.

This could include having help to identify areas where costs could be responsibly cut, without compromising quality or impacting business output. Being external to the business enables the ability to look objectively at current outgoings, negotiate better terms with suppliers, and recommend cost-effective options for business systems and tech solutions.

Monitoring progress

You can request regular financial reporting on growth, progress and productivity, to gain a better understanding of your business data, ultimately improving performance and profitability.

Regularly reviewing metrics and performance indicators provides the information you need to adjust existing strategies, understand the true performance of your operations, and stay on track to meet growth targets.

Rarely people succeed in business alone. As we head into the new financial year, successful businesses should make sure they have the right help to navigate the opportunities and challenges. Accountants and bookkeepers are the specialists poised to help their clients navigate the complexities of growth in FY2025 and beyond.

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