THE NEW FINANCIAL YEAR – WHAT SALON OWNERS NEED TO CONSIDER

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Posted July 10, 2017

The end of the financial year has been and gone and we are all taking a deep sigh as we get under way for FY2017/2018. Now that everything is feeling shiny and “new” it’s a great chance for salon owners to sit down and review the year that was and what things you can do to make sure that your new year is better! Here are the things all HABA members should consider this new financial year:

• Review your business position and annual tax with your accountant.
  Now is the time to sit down with your accountant and go through the financial aspect of your business so you know what areas need to be grown or worked on in FY 2017/2018. Bring all your paperwork for your annual tax statement and be sure to highlight any high or unusual transactions, for the purchase of extra equipment, supplies or any major renovations made to your salon.
• Make sure your Quarterly BAS Statement is in
  The end of the financial year will require you to complete your quarterly or annual BAS. to your accountant or bookkeeper to make sure that you have everything prepared for BOTH BAS and Taxation lodgments, including receipts from this quarter and get together a system to make your life easier for the next BAS period –scan or copy your receipts on a regular basis, file them electronically in the cloud and save yourself the headache next time BAS rolls around.
• Give all salon staff their Payment Summary
  Payslips can be given in either an electronic form or a hard copy. Both need to have the same information, so make sure you include all the elements we have listed in this post. HABA Payroll customers don’t need to worry about the delivery of pay slips as the team at HABA Payroll ensure that a digital pay slip is delivered to each employee at the right time each pay cycle.
• Review your salon policies and procedures
  A salon policy and procedures manual is made up of statements of principles and approaches to dealing with the general management and administration of a salon. They act as a framework for how the salon deals with everything general operational problems, or how to respond to requirements to comply with legislation, regulation and codes of practice. While you are reviewing your business year in the new financial year, it’s a great time to go over your internal policies and procedures to ensure that they are still relevant for your growing and changing business, and so that your staff old and new understand the expectations on them.  Learn more about Salon Policies and Procedures here.
• Renew your memberships and associations.
  Most memberships and associations tend to renew around the end of financial year, as this is often used these as a way to offset tax paid in any given year. Make sure that your HABA Membership is paid and up to date to ensure that you benefit from all the advantages of your membership – from our unlimited advice line for salon owners, to outlines on salon policies and procedures manuals that protect you as a salon owner, to representation with Fair Work Commission and in-house Industrial Relations and Human Resources advice. As a member of HABA you have advice and security in the instance anything goes wrong in your salon – so don’t let your business and livelihood be without protection and make sure your membership is up to date.