Issue link: http://viewer.e-digitaleditions.com/i/131994
forefront "Review your customer terms of trade; for example, how many days credit you give to your customers. This can change from year to year. "Look at supplier contracts as well; see if you can extend your payment terms, as this can improve your cash flow. "You could also ask if the minimum quantity you can order from suppliers can be changed, if necessary, or whether you can order supplies on, say, a weekly basis rather than a monthly basis, as this might mean less warehouse costs." Fast Fact The fiscal year varies between countries. In the UAE, Ireland, Sweden, China and Portugal, the beginning and end of the financial year coincide with the start and finish of the Gregorian calendar year. "Often, people massage the budget to achieve a desired outcome." Update and reassess A year can flash by in a whirl of meetings, payments and long to-do lists, but Ord recommends that business owners use the end of the financial year as an opportunity to look at the business' internal workings. Reassess the terms of your office lease, update your business policy manual and talk to your lawyer. "Too often, the business policy manual is just sitting on a shelf, gathering dust. It needs to be a living document. Make sure your staff members know about any updates," says Ord. On a more personal level, he suggests that business owners think about speaking to their lawyers and updating their wills, if needed. Similarly, if the business is structured as a family trust or partnership, it's important to review whether the trust is still meeting your needs, advises Ord. "The Australian Taxation Office is taking a harder line on trusts, so check if it's still the best approach for you." tech tools for tax time Mark Freidin, co-founder of www.internetretailing. com.au and former COO of one of Australia's leading e-commerce groups, www.catchoftheday.com.au, shares his favourite end-offinancial-year accounting software and digital aids. 58 Evernote Dropbox Saasu Photograph or scan your receipts and send them to your Evernote account. Makes capturing receipts on the fly easy. Information is sent to a server in the US so it's always stored. Cost: free, plus paid premium services. This ultimate file-sharing solution means you're not reliant on a laptop if you work on multiple devices. Just give your accountant your Dropbox link at the end of the year. Cost: free, plus paid premium services. An online accounting solution offering easy-to-use invoicing, banking, inventory, payroll and extra features to manage business financials. Similar products are MYOB LiveAccounts and Xero. Cost: plans start at $9/month.