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Jenn's main blog

Happy end of the financial year

Jenn Shallvey

If you live in Australia you can't escape the focus on the end of the financial year - 30 June. People I meet relate to this date differently depending on their circumstances.

Dates with meaning

Having been in the accounting profession earlier in my career, I find that dates such as 30 June, 31 March, 30 September and 31 December all have extra meaning.  To most business people these dates mean something - usually extra reporting, focus and review of position. Strategic financial planning will make good use of timing around these dates.  It also is a chance to take stock, kind of a report card for business.  On a personal level the same meaning can exist for our tax position, budgets and finances.

Get into the spirit

So while I relate to and appreciate the mindset of my financially oriented friends and colleagues I thought today I would take this date to another level.

What if we were to look at the end of the financial year in the same way we view the end of the calendar year. (Now in the USA in business both coincide for most so the double hit is not so unusual).  For this purpose I am focusing on the primary Australian experience.

Try these on

To match the experience and take the 30 June financial year end to another level I suggest...

 

  • celebrate achievements
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  • acknowledge the key events of the year behind the numbers
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  • have a good close look at all categories of your financial position
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  • view each number in your net earnings/loss position as a story of your year, an indicator of what happened
  •  

     

  • let go of the experiences that did not work for you
  •  

     

  • share the celebration with friends
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  • let loose, let your hair down, have some fun
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  • get open and philosophical about the next year and what is now past
  •  

     

  • write some "new financial year resolutions".

 

Look beyond the numbers

To truly appreciate the year gone by I believe we need to take the New Year's celebration spirit further.   Much of the year relates to the expression "old long past", otherwise known as "Auld Lang Syne", that famous poem turned song by Robert Burns.

Consider for a moment the people behind the transactions that created this financial year. For every number on your balance sheet, profit and loss or cash flow there is a person who had a role in making that happen. Some made a positive difference and some may have helped change your direction. Overall these numbers do have a personal side to them.

So with a little heart...

I include the English translation here with a twist...Sing this with another view in mind.  So remember the financial year with a new perspective when you sing...

Should old acquaintance be forgot,
And never brought to mind?
Should old acquaintance be forgot,
And days of old long past.

These are just a few suggestions.  If all else fails, get out the horns, party hats, streamers and champagne.  Tomorrow is the start of a new year and you can go somewhere with it.

Let's go there...

Jenn