How a Business Accountant in Sydney Can Help You Stay Ahead with Your August Business Checklist

The end-of-financial-year rush has been over for a while now. All the paperwork has been filed, the tax return is lodged, and many business owners breathe a sigh of relief. However, for those who want to stay ahead, this is no time to switch off. The period immediately after EOFY is a prime opportunity to use fresh financial data to make informed, proactive decisions that set the tone for the months ahead.

August comes with several important deadlines that, while often seen as compliance chores, are valuable checkpoints. The lodgement of your first Business Activity Statement (BAS) for the new financial year, for example, is your first data-backed look at how your business is tracking against forecasts. Managed well, it can highlight early trends, identify areas for adjustment, and inform a more innovative strategy for the rest of the quarter.

This window is also ideal for reviewing July performance, refining your business strategy, and starting tax planning for the year ahead. Neglecting these steps can lead to cash flow surprises, missed opportunities, and avoidable stress. An experienced business accountant in Sydney can help turn these obligations into strategic advantages, ensuring you meet deadlines while using each one as a chance to improve your business’s financial health and direction.

Your August Business Checklist

To capitalise on the unique position August holds in the financial calendar, a structured approach is provides a great framework to go on for the aim of continuous financial improvement. It creates a rhythm of reviewing, adjusting, and planning that builds momentum throughout the year. The following tasks form a comprehensive checklist to guide your business through August, ensuring you are not just meeting deadlines, but actively steering your company toward its goals.

Review and Adjust Q1 Forecasts

Your financial forecast for the year is your roadmap, but no plan survives first contact with reality. By mid-August, you have a full month of actual trading data from July. This is the time to compare your projected performance with the real outcomes. Did sales meet expectations? Were expenses higher or lower than budgeted? A detailed comparison illuminates your business’s trajectory for the current year.

Using financial software like Xero or MYOB, your accountant can help you dive deeper than the surface numbers. They can help you spot emerging trends, such as a new product line that is outperforming or a particular marketing channel that is underdelivering. Identifying these irregularities and patterns early allows you to make nimble adjustments, reallocating resources to areas of growth and cutting back where you see inefficiency, long before a minor issue becomes a Q1 problem.

Meet BAS and Tax Lodgement Deadlines

Meeting your August BAS and other tax deadlines is non-negotiable, but the real benefit comes from how you manage the process. For businesses reporting quarterly, the 25th of August is a key date. For monthly reporters, it's the 21st. Entrusting these lodgements to an accountant will reduce stress and minimise the risk of error.

When your accountant manages these filings, you get a clear and early picture of your GST, PAYG, and other liabilities. This clarity is imperative for effective cash flow management. Knowing exactly what you owe and when allows you to plan payments without disrupting your working capital. Furthermore, timely, accurate submissions prevent costly penalties and late fees from the ATO, directly protecting your bottom line.

Revisit and Refine Financial Goals

With fresh data from July and a clear view of your tax obligations, August is the perfect moment to revisit the financial goals you set for the new year. Were they too ambitious? Too conservative? Now is the time for a reality check.

This process of refining goals ensures they remain relevant and aligned with your broader, long-term business strategy. It sharpens your company’s direction and keeps the entire team focused on measurable outcomes. To make this stick, establish a rhythm of frequent accountability. Regular financial review meetings with your accountant, monthly or quarterly, transform your goals from a document into a living, breathing part of your business operations.

Cash Flow Health Check

Consistent, positive cash flow is the lifeblood of any healthy business. August provides a crucial opportunity to perform a comprehensive health check. This involves a disciplined review of your key working capital components.

• Accounts Receivable: Are your clients paying on time? Who are your slow payers? It’s time to tighten up your collection processes.

• Accounts Payable: Are you taking advantage of early payment discounts from suppliers? Or are you paying too early and straining your cash reserves?

• Working Capital: Do you have enough cash on hand to cover your short-term liabilities and invest in immediate opportunities?

An accountant can help you analyse these areas to identify potential shortfalls before they become critical. Spotting a possible cash crunch in August gives you weeks, or even months, to implement an action plan. That could be securing a line of credit, adjusting payment terms, or running a promotion to improve sales.

Expense and Cost Review

The clarity that comes after finalising the previous year's accounts makes August an ideal time for a thorough expense review. With a complete picture of last year's spending, you can easily identify and question every line item. Are there subscriptions you no longer use? Have professional fees crept up without a corresponding increase in value? This is your chance to trim the fat.

Beyond cutting unnecessary costs, a commercially minded accountant can help you tackle bigger-ticket items. They can support, or even lead, negotiations with key suppliers for better terms. A small discount on a recurring cost or an extension of payment terms can have a significant positive impact on your profitability and cash flow over the entire year.

Tax Planning Opportunities for the Year Ahead

Effective tax planning is a year-round discipline that can effectively be implemented from month to month. With a full financial year ahead and a month already done, August is the time to structure your operations for optimal tax efficiency. An accountant can help you identify opportunities for tax savings that are relevant right now, such as instant asset write-offs or other early-year incentives.

This is also the time to think strategically about your business structure and transactions. For instance, businesses anticipating high growth might explore structures that offer better asset protection and tax outcomes. A proactive Sydney accountant brings this high-level, growth-focused mindset to your business, helping you make decisions in August that will legally minimise your tax bill next June.

The Role of a Business Accountant in August

Engaging a business accountant for your August checklist helps you outsource your compliance and leverage their expertise to make smarter, more profitable decisions. They ensure your BAS and tax obligations are managed without disruption and on time, helping you avoid penalties and giving you an early, accurate read on your financial position. This data is the foundation for informed decision-making for the entire quarter.

If you’re ready to move beyond reactive compliance and start using your finances as a strategic tool for growth, we’re here to help. Contact Tullastone today to see how a commercially focused accounting partner can help you master your August checklist and stay ahead for the entire financial year.