Pushing Through the Second Half of the Fiscal Year: What to Prepare For

No matter what the size of your business, your company has to focus on different goals at different times of the year.

The beginning of the fiscal year is about setting the pace for the company, while the end of the year is more about maximizing profit, streamlining, improving productivity, efficiency, and planning for the next year.

Now that the second half of the year is underway, businesses slowly begin to transition to different approaches and new policies. Here are some things your business should focus on toward the second half of the year:

Increasing revenue

Most businesses have taken a hit due to COVID-19. Sales and production have plunged due to the virus. Now that we have learned to adapt to the new normal during these difficult times, businesses have to put in the extra work to increase revenue and maximize profits. New strategies should be devised around this time of the year to boost profits by the end of the year.

Decreasing expenses

While increasing the number of units sold is one way to increase revenue, profit maximization is possible by decreasing expenses.
Due to COVID-19, most businesses have had to develop a work-from-home system. While this has been difficult, businesses should see it as an opportunity to reduce overheads and variable costs. Increasing efficiency and reducing waste is another way of decreasing expenses and optimizing earnings for the year.

Preparing financial and management reporting for review

Financial and management reporting are essential to keep track of your business’s progress. To draw up these statements and reports, a consolidation process has to be undertaken.
This is a complicated process, particularly if there are multiple entries, currencies, and legalities that need to be looked into. While preparing financial and management reports is a task for the last quarter, it’s best to begin planning out the processes ahead of time.

Tax planning

This is a great way of saving your business’s valuable money. Tax planning involves the development and implementation of strategies to lower tax liabilities. It’s a complex task, particularly since tax laws can vary from region to region. Therefore, employing the services of a tax planning consultant is a great idea. Doing so toward the beginning of the year’s second half allows you enough time to devise a plan.
Effective tax management is much more than just compliance. Faber LLP offers comprehensive tax planning services for corporations. We stay up to date on Canadian and U.S. tax laws, policies, and procedures so we can provide you with effective and informed advice that will save you time, stress, and money.
We also offer accounting services in Edmonton, Alberta.