How to end FY2016 on a high

Written on 28 March, 2016 by TPP Wholesale
Categories: General Wholesale | Tags: business, small business

Ending the financial year on a high isn't just something you want for your business – it's what your clients want as well. Help them hit business website goals by the end of FY2016 with these top tips for strengthening website strategies, while taking advantage of tax-reducing opportunities.

Reassessing and reworking goals

The first step to getting a business's online presence on the right track is sitting down and setting website goals. This creates a framework that provides motivation and keeps efforts focused, rather than fragmented and ineffectual.

If it becomes clear that goals are mismatched or no longer relevant to a business's targets, there's nothing wrong with reworking them and refocusing energies. It's easy to tweak preset goals on Google Analytics and goal realignment can go a long way towards pulling a weakened strategy into focus.

Moving financial records to the cloud

Are you or your clients trying to stay on top of invoices, receipts and bills offline? By moving all relevant paperwork online, you could reap the benefits for years to come. Cloud-based storage provides a central point for all information, making it easier for businesses to stay on top of incomings and outgoings throughout the year.

Encourage your clients to take advantage of all of the benefits of secure cloud hosting and create the reseller plans necessary to give them the packages they need.

Understanding today's tax deductions and regulations

Tax deductions can be a huge help for SMBs hoping to get ahead. It's possible to claim for all sorts of essentials, including travel expenses, website expenses (such as domain, hosting and storage fees) and purchasing or maintaining computer equipment. By checking exactly which deductions are available for FY2016, businesses can make sure they claim what they're entitled to.

On that note, it's also imperative to double-check the tax regulations every year. Any changes can be found on the Australian Tax Office (ATO) website and it’s essential that all businesses stay up to date with the rules to avoid accidental – and potentially costly – mistakes.

Planning for the future

Businesses looking to prep for the future should also take the time to read the federal government's tax reform process. The white paper provides some interesting proposals for SMB tax regulations in years to come.

In the meantime, this is a good time to remember – and to remind clients – that many website expenses may be tax deductible, that the cloud is an excellent tool for paperwork consolidation and that a strong web presence is essential for online growth in 2016 and beyond.