With the end of the 2026 financial year fast approaching, now’s the time to stay on top of your transactions and get organised.
By keeping your records up to date, you’ll be ready to submit your financial information early—unlocking the benefits of faster processing, better tax and financial planning, and greater peace of mind.
As we settle into the new calendar year, it’s the perfect time to start thinking ahead to the end of the financial year. In New Zealand, the financial year runs from 1 April to 31 March, and April marks a key opportunity to wrap up the previous year’s financials while everything is still fresh and accessible.
By keeping your day-to-day transactions up to date—especially with the help of accounting software—you’ll be in a strong position to compile and submit your financial information early. With just a few final statements to gather, you can kick off the process in April and unlock a range of benefits, from better cash flow planning to smarter decision-making.
These advantages aren’t just theoretical—they’re achievable with a few simple habits and systems in place.
Here’s how you can set yourself up to prepare your annual accounts early and make the most of the new financial year.
1. Better Cash Flow Planning
One of the biggest advantages of early account preparation is clarity around your tax obligations. Knowing your tax position early—whether you owe money or are due a refund—gives you time to plan your cash flow accordingly.
• If you owe tax, you can budget for it and avoid last-minute scrambles.
• If you’re due a refund, you can access it sooner and reinvest it into your business or portfolio.
This foresight is especially valuable for businesses with seasonal fluctuations or tight margins.
2. Improved Decision-Making
Having your financials ready early means you can make informed decisions faster. Whether you’re considering hiring staff, investing in equipment, or expanding your services, up-to-date accounts give you a clear picture of your profitability and financial health.
Early accounts also help with:
• Loan applications – Banks and lenders often require recent financials.
• Investor reporting – If you have stakeholders, timely reporting builds trust.
• Strategic planning – You can set realistic goals for the new financial year based on actual performance.
3. Tax Efficiency and Planning
Early accounts allow for better tax planning. Your accountant can advise on strategies to reduce your tax liability, such as:
• Claiming all eligible deductions
• Timing asset purchases
• Reviewing shareholder salaries or drawings
• Considering provisional tax adjustments
If you wait until the last minute, you may miss opportunities to optimise your tax position.
4. Peace of Mind
Let’s face it—there’s a certain relief that comes with ticking off your annual accounts. Knowing your financials are sorted means you can focus on running your business, not chasing paperwork.
You’ll also be better prepared for:
• IRD audits or reviews
• Insurance renewals
• Business valuations
• Succession planning
Peace of mind is priceless, especially when it frees up your time and mental energy.
5. Competitive Advantage
In a competitive market, agility matters. Businesses that operate with current financial data are better positioned to respond to opportunities and threats.
• Want to pitch for a contract? You’ll have the numbers ready.
• Thinking of selling your business? Early accounts make you more attractive to buyers.
• Need to restructure or pivot? You’ll have the insights to do it confidently.
Being financially organised is a signal to others—clients, partners, and investors—that you run a tight ship.
How to make early accounts a reality
If you’re wondering how to make this happen, here are a few practical steps to help you stay ahead of the game:
1. Reconcile regularly
Don’t wait until the end of the financial year—reconcile your bank accounts weekly or monthly to ensure your data is accurate and up to date.
2. Keep digital records
Store invoices, receipts, and statements in the cloud so they’re easy to find when it’s time to prepare your accounts.
3. Set reminders
Create a checklist of the documents you’ll need and set calendar alerts to collect them as they become available. This helps avoid last-minute scrambling.
4. Submit your questionnaires early
You don’t need to wait until April to get started. Begin submitting your financial information now and save your progress as you go. That way, as soon as your final statements arrive in April, you’re ready to submit everything needed to kick off the preparation of your accounts.
About Pathfinder Solutions
Pathfinder Solutions advisory team members have either owned or managed businesses, or are investors themselves, so we know first-hand the challenges you face in your world.
Sure we’re Accountants, but the best solutions in business come from focusing on more than just the numbers. Our real-world business experience delivers just that.
