Most businesses’ new financial year is just around the corner, and we know you’ve got big plans for the year ahead. Whether you’re looking to grow, streamline operations or just keep things running smoothly, now is the time to get everything in order. Proper preparation can help you avoid penalties, set clear financial goals and ensure your business is in top shape for the year ahead.
To make things easier, we’ve compiled a practical checklist to help you wrap up the current financial year and start the new one with confidence.
1. Settle Your CIPC Annual Returns
The Companies and Intellectual Property Commission (CIPC) requires all registered companies to file their annual returns to remain compliant. Missing this deadline could result in deregistration and administrative penalties.
- Check your business’s annual return due date.
- File your returns and pay the necessary fees through the CIPC website.
- Ensure your business details are up to date.
The CIPC is set to deregister over 800,000 companies for failing to meet obligations such as on-time submission of annual returns and ownership declarations.
2. Submit Outstanding Tax Returns
To avoid penalties and maintain good standing with SARS, ensure all tax obligations are met before the financial year ends.
- Submit your VAT returns if you are a VAT-registered business.
- Finalise and submit your PAYE, UIF and Skills Development Levy (SDL) return.
- Ensure provisional tax payments are up to date (if applicable).
3. Review Your Financial Statements and Budget for the Year Ahead
- Review profit and loss statements and balance sheets.
- Identify areas to cut unnecessary costs or increase revenue streams.
- Plan for major expenses or investments in the coming year.
- Make sure you know how much business funding your business qualifies for in advance so you’re ready to seize growth opportunities or cover unexpected expenses. Get a funding quote here.
4. Review and Update Your B-BBEE Compliance
B-BBEE compliance can impact your business opportunities and client relationships. Ensure your strategy aligns with your growth goals.
- Check if your clients have specific B-BBEE requirements and whether your current level meets their expectations.
- Verify your B-BBEE certificate status and renew it if needed to avoid disruptions.
- If your turnover is under R10 million, you may be exempt, but plan ahead for when you exceed this threshold to ensure a smooth B-BBEE strategy transition.
- Assess your future B-BBEE strategy to maintain or improve compliance as your business grows.
5. Evaluate Employee Contracts and Compliance
Labour laws and regulations require businesses to stay compliant with fair employment practices.
- Review and update employment contracts.
- Ensure all UIF and Compensation Fund contributions are up to date.
- Check that employee benefits, leave balances and payroll records are accurate.
- Conduct performance reviews, set clear goals using OKRs or KPIs, and assess salary adjustments to support business and employee growth.
6. Reassess Your Business Insurance Policies
Insurance coverage should align with your current business risks and needs.
- Review existing insurance policies (business, liability, vehicle, equipment, etc.)
- Make adjustments if business operations have expanded or changed.
- Compare different providers to ensure you’re getting the best coverage and rates.
7. Refresh Your Business Strategy and Goals
A new financial year is an opportunity to refine your business strategy.
- Set your business goals for the next 12 months and communicate it with your team.
- Assess market trends and adjust your strategies accordingly.
- Update marketing and sales plans to drive growth.
- Setup meetings with key stakeholders in your network to unlock partnership opportunities.
8. Clean Up Your Business Records, Policies, and Digital Assets
Disorganised records and outdated policies can slow down operations, create compliance issues, and impact employee alignment.
- Organise digital and physical business documents to streamline operations.
- Back up financial records, contracts, and client data to protect critical information.
- Review and update business policies to reflect current regulations and company goals.
- Communicate policy updates to staff to ensure clarity and alignment.
- Update website content, case studies, and testimonials to keep your business image current and relevant.
- Strengthen cybersecurity measures to protect digital assets and maintain an up-to-date online presence.
By proactively managing these key areas, you can avoid last-minute scrambles and expensive mistakes, ensuring that you kick off the new financial year strong.
To stay ahead, consider chatting with a Funding Specialist to align your financial strategy with your business growth goals or joining the Flex Entrepreneurship Community to connect with fellow founders and gain expert insights in marketing, legal, tax and more.