The essential actions your accountant quietly hopes you’ll commit to this year.
A new year brings fresh targets, new opportunities and a clean slate to get the fundamentals right. For high net worth business owners, it’s also one of the best times to step back and reset the financial, structural and strategic settings that underpin both business performance and personal wealth.
Here’s what an accounting and advisory team would love you to prioritise this year. They aren’t flashy resolutions, but they’re the ones that consistently build stronger businesses and more resilient personal balance sheets.
Strengthen structure, protection and overall compliance
As businesses grow, the structure that made sense five years ago often becomes outdated.
A fresh review of your overarching structure can make sure it still supports your goals, minimises unnecessary tax exposure and reduces personal risk. It’s also worth tightening asset protection by revisiting trusts, corporate entities and any personal guarantees that may have quietly crept in over time.
Spend time on the foundational paperwork too. Things like trust deeds, shareholder agreements and estate plans can fall behind reality as the business expands. Removing old or inefficient entities helps reduce admin and compliance drag, while a thorough risk audit across insurance, governance, cyber exposure and key people can close gaps that tend to be overlooked when things are busy.
Elevate financial reporting, tax planning and internal governance
High performing businesses rarely rely on annual reporting cycles. Real time financials give owners better decision making power and fewer surprises.
Start the year by cleaning up your reporting systems so cash flow, profitability and performance indicators are visible and accurate. Bookkeeping, payroll and BAS processes should work smoothly in the background, not cause stress at deadlines.
A forward‑looking tax plan makes a huge difference too. Instead of scrambling in June, map out the year ahead, model different scenarios and understand the tax impact of major moves like acquisitions or asset sales. It’s also a good chance to document processes that have grown organically over time, so the business isn’t relying on verbal handovers or outdated assumptions.
Reset cash flow, debt strategy and funding options
Cash flow is often the difference between a business that feels in control and one that constantly chases its tail.
Take a close look at working capital, debtor management and payment cycles. If your debt facilities haven’t been reviewed in a while, compare rates and terms in today’s environment. Many owners carry outdated lending structures simply because they’ve never revisited them.
If you have expansion or acquisition plans, explore your funding options now. It’s easier to negotiate strong terms when you’re not under time pressure.
Focus on performance, growth and long-term planning
Benchmarking your business against industry data can reveal opportunities for better margins, improved productivity or smarter pricing.
Set a handful of meaningful financial KPIs for the year that go beyond revenue. Cash conversion, utilisation, margin and capital allocation usually give a clearer picture of performance.
It’s also worth revisiting long term planning. Whether it’s succession, scaling, raising capital or preparing for a future transaction, early planning gives you options rather than pressure. A consistent quarterly review rhythm helps you make decisions with momentum, not hesitation.
Strengthen your personal wealth and extraction strategy
Your business and personal wealth should work together, not compete for attention.
Reassess your investment portfolio to make sure it aligns with your broader financial strategy. Consider gearing levels, diversification and any changes in your appetite for risk.
You should also have a clear plan for how and when money is extracted from the business. The right strategy can materially improve tax outcomes and give you a cleaner pathway to building long term personal wealth separate from business risk.
Work with an integrated advisory team
One of the biggest advantages high net worth business owners can create for themselves is having all key advisers working together, not scattered across different firms. When your accounting, tax, bookkeeping, corporate finance, debt advisory and financial planning support sit in the same place, you get a more coordinated view of your business and personal wealth.
An integrated team means fewer gaps, faster decisions and advice that considers the whole picture rather than a single issue in isolation. Your structures align with your tax strategy. Your lending strategy supports your long term wealth goals. Your bookkeeping and reporting feed directly into forecasting, capital planning and advisory conversations. Nothing gets lost between handovers because everyone is already on the same page.
For owners who want efficiency, clarity and better outcomes, an integrated advisory model creates real momentum. It gives you one team who understand your numbers, your strategy, your risks and where you want to take the business next.
