New Year Financial Reset: 5 Things to Organise Now
The start of a new year is the perfect opportunity to reset, review, and get your finances organised before the year gains momentum. Whether you’re a business owner, investor, or individual, a little preparation now can reduce stress, improve cash flow, and lead to better financial outcomes throughout the year.
Here are five key areas to organise now to set yourself up for a successful year ahead.
1. Review Last Year’s Financial Performance
Before planning ahead, it’s important to look back.
Take time to review:
Income and expenses
Profitability or surplus
Unexpected costs or budget blowouts
What worked well — and what didn’t
For businesses, this review provides valuable insight into pricing, costs, and cash flow trends. For individuals, it can highlight spending habits and opportunities to save.
📌 Tip: Your accountant can help interpret these numbers and identify areas for improvement — not just report them.
2. Get Your Records and Systems Up to Date
Messy records can lead to missed deductions, compliance issues, and unnecessary stress later in the year.
Now is the time to:
Reconcile bank accounts
Ensure accounting software is current
Organise receipts and invoices
Review document storage systems
Putting simple systems in place early can save significant time at BAS and tax time.
3. Check Key Compliance Obligations
January is a good time to ensure you’re on top of your ongoing obligations, including:
BAS and GST reporting
Payroll and Single Touch Payroll (STP)
Superannuation guarantee payments
Contractor and employee records
Staying ahead of these requirements reduces the risk of penalties and helps maintain cash flow stability.
4. Review Cash Flow and Upcoming Commitments
Cash flow is one of the biggest pressure points for both businesses and households.
Consider:
Expected income over the next 6–12 months
Fixed and variable expenses
Loan repayments and interest rates
Upcoming large purchases or investments
Identifying potential cash flow gaps early allows time to adjust spending, renegotiate finance, or plan funding solutions.
5. Set Clear Financial Goals for the Year Ahead
A new year is the ideal time to define what success looks like financially.
Your goals might include:
Improving business profitability
Reducing debt
Growing investments or superannuation
Planning for retirement or succession
Purchasing property or expanding your business
Clear goals, combined with the right strategy, provide direction and confidence when making financial decisions.
Start the Year with Confidence
A financial reset doesn’t need to be overwhelming. With the right guidance and preparation, January can set the tone for a more organised, profitable, and confident year ahead.
At Nicol & Nicol, we work with individuals and businesses to go beyond compliance — helping you plan ahead, stay organised, and make informed financial decisions throughout the year.
📞 If you’d like help with your New Year financial reset, contact our team today.