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UK, Get your business into shape for the new financial year

Content from our United Kingdom office from our UK office

It’s often said by sports coaches that trophies are won and lost in the pre-season. It’s that vital time frame used to put together the right team and find the right tactics before you embark on the season ahead.

Because once the season starts, it becomes increasingly difficult to make major changes as you’re too busy focusing on the day-to-day. This is just as true for financial teams who are facing up to the start of a new financial year.

The start of April provides that vital calm before the storm when systems can be reviewed and processes tightened. To make sure the business is ready and able to handle whatever complexities the year ahead may offer.

It’s something that Webexpenses management accountant, Bernard Crumlish, has plenty of experience handling. Here are some of his expert tips on making the most of your financial ‘pre-season’:

Preparation is key

Putting together a schedule that maps out the financial year and all of the important milestones that need to be met is the foundation for a successful setup. Each external deadline should be matched with internal deadlines to ensure reporting requirements are met.

By scheduling with built-in contingency time for any problems or delays, it helps to ensure a smooth-flowing process which reduces the amount of stress and strain on staff.

Utilise expert information

The worst time to unearth a problem is when stress levels are high and a deadline is looming. It’s why the start of the year is a vital time to make sure your processes are in step with any changes in external legislation.

There is a range of resources online to keep yourself updated and the HMRC provides particularly useful webinars that can provide company-specific guidance on tax.

Check your tech and consider expense management

Updating systems and tools can seem a daunting prospect when you’re in the thick of a financial year. Doing so at the start of the year reduces potential disruption.

By choosing the rights tools and replacing paper-based processes with digital alternatives, you can significantly speed up processes and create a much more robust system.

Streamline expense reporting processes

If you’re using digital tools then it’s worth making sure that you’re making the most of the data that’s generated. A properly configured digital expenses system should remove any need for manual data entry.

With information automatically generated in the correct format, it takes the stress and strains out of reporting. It also significantly reduces the chances of any errors or inaccuracies being made.
Webexpenses provides a smarter way to manage employee expenses. You can take the system for a trial by signing up here.