For all of us in Victoria, I think it is now safe to say that we are almost there with the lifting of restrictions and a return to some kind of normal.

During the last 8-9 months, every aspect of our lives has been turned upside down in some way. All that we thought was normal in terms of our personal lives, social lives and financial plans has been brought in question. For many of us the way we work, what we earn and our financial goals have changed.

Being accountants, we are somewhat focused on the financial and we believe that now is the ideal time to review your own personal and business financial position—taking into account our new reality and our learnings from 2020.

Here is a list of items that you might like to consider over the coming weeks, with a view to starting a fresh on 1 January 2021!

1. Review and prepare your household budget. Has your income changed, expenses increased or have some expenses been removed?
2. Review and prepare your business profit and cash flow budget. Liquidity will be more important than ever post COVID-19 and into 2021. These two documents will become the roadmap for you to navigate your way through the immediate future.
3. Review your banking arrangements. Interest rates have never been lower in Australia’s history and trust me, the banks are unlikely to come offering you a better deal. Ask them the question!
4. If you have deferred rent and/or bank payments, now is the time to consider how you will repay these amounts. Get on the front foot and don’t let your landlord/banker lead the conversation.

Cornell Irving Partners and our experienced accountants are well placed to assist with all of the above and to provide current and meaningful business advice. Feel free to contact us to chat through how you can position yourself well for a great 2021.

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