Business success at the end of the financial year with Ellis & Co.

It has been an interesting year for businesses of all sizes as the ongoing cost of living crisis has seen everyone tighten the purse strings. However, it has been great to see so many businesses keep calm and carry on, succeeding and growing despite the current hardships. Ellis & Co. has helped many of our clients stay focused and on track, even in the face of these unexpected challenges.

Many businesses find themselves scrambling to make sense of their finances and plan ahead at the end of the financial year. This can be a daunting and stressful process, especially for small business owners who may not have the experience and expertise of larger corporations, or access to the same resources. Fortunately, Ellis & Co. are dedicated to providing support and guidance during this crucial time.

The end of the financial year is an opportunity to reflect on the year just gone, analyse where improvements could be made in the year ahead and set achievable, yet ambitious goals. Year on year, Ellis & Co. consistently support our clients in doing this and 2022/23 was no different. Our experienced team ensures that financial records are up to date, offering advice and guidance and helping to set budgets. By providing this support, we have helped countless businesses successfully navigate the end of the financial year by making informed decisions and avoiding costly mistakes. Find out how below…

Reviewing finances

We start by reviewing our client’s financial records and assessing their position. Doing this means that we could look to either cut costs or invest more resources in the areas that need them. Having an external party such as your accountant, view your finances over the entire year means they can see clearly where there were any significant dips or boosts in revenue and make recommendations for your business for the following financial year.

Collating records

As all our clients know, it’s important to keep records of everything so they are easy to access when you need them. This meant that when our team came to tying up the 2022/23 financial year for our clients, we were able to ensure everything had been paid for and any issues were spotted immediately.

Setting financial goals

An essential step at the end of any financial year is setting clear, datadriven goals after reviewing previous finances. These goals should be realistic but optimistic, taking into consideration any expected or desired growth. On behalf of our clients, we reviewed their previous year’s goals and based our recommendations on what was achieved, as well as our expert, industrydetermined predictions for the financial year ahead.

Creating an action plan

Once goals are set, our team of dedicated accountants work with our clients to decide on a plan of action. We asked questions such as how you plan to achieve your goals and how you think the current strategies are working for the business. We also recommend this time to take a look at any marketing or sales techniques and readjust them to meet new targets.

Budgeting

At the end of every financial year, the Ellis & Co. team work closely with our clients to set a budget for the following year. It’s important that budgets are realistic, reflective of the cash flow forecast and consider the financial position, goals and plans. Cash flow is something that we work on with our clients year-round however, and so if budget adjustments do need to be made, our team will be available to offer advice throughout the financial year.

The end of the financial year can be a challenging time for businesses, but as shown, with the right support and planning it can also be an opportunity for growth and success. Ellis & Co. is a trusted partner for businesses across the UK, offering the expertise and guidance they need to navigate this complex process and plan for the year ahead. By taking a proactive approach to financial planning, businesses can achieve their goals and thrive in today’s competitive market.

If you’re looking for an established, local accountant to take your business into the new year, get in touch with the team at Ellis & Co. today on 01244 343 504.