Setting goals for the financial year ahead

Happy new financial year!

As we begin another financial year now is the perfect time to set your financial goals

Setting measurable goals is a powerful tool in helping you reach your full financial potential both now and into the future. Following are a few of our hints and tips to get you started:

Budgeting

Having a budget will increase your chances of success. A successful budget will be monitored on an ongoing basis to ensure it is still on track to reach your overall financial goals.

A simple starting point when looking to prepare a budget is to break down your expenses and outgoings into categories so they are easier to understand.

Understanding where your money is going is a pivotal first step.

Cloud Accounting

Gone are the days of keeping your accounting program on the hard drive of your computer. Cloud accounting allows you to keep mobile, up to date and informed in a very simple manner.

Accounting software not in the cloud can be tedious and time consuming and can take far too much of your time and effort.

One of the biggest advantages of cloud accounting is the ability for your income and expenses to flow straight from your bank account to your accounting system without hours of data entry.

Cloud accounting software enables you to know your financial position at any time.

Get your team right

It is important to have the perfect team of professionals to assist you in setting goals as well as achieving them.

Your accountant should be your first contact and will have the best understanding of your financial position and can assist you in developing your financial goals.

If you are looking to focus on entering the property market, the introduction of a buyer’s agent into your team can not only bring skill and knowledge but a hefty time saving as well.

An informed business banker is also an important factor. Your banker should understand the career and income progression of a medical practitioner and in turn your borrowing capacity.

Set a target

Whether it’s paying down debt, retirement planning or growing your property portfolio you need to know what you are working towards. Recognising, recording and communicating this target primarily to your accountant will enable them to help you achieve this.

If paying down debt is your area of focus, your accountant will help you determine how much you are able to commit to debt reduction each year and which debts to tackle first.

Final tips… It is worthwhile to take time to make sure your goals are achievable and measurable. Tracking how you are progressing against these goals throughout the year will keep you motivated and gives you the ability to adjust if necessary.

Need help in getting started with your goals? Contact our team today.