5 ways to unlock cash before EOFY

Take a look at your business or personal assets and identify items that are no longer in use. This could be anything from old equipment to furniture or even vehicles. Selling these items can help you unlock cash that you can then use to reinvest in your business or personal life. In addition to the financial benefits, selling unused assets can also help you declutter your space and streamline your operations.​

Another way to unlock cash before the EOFY is to review your debts and identify areas where you can save money. This could mean refinancing your loans, negotiating better interest rates or even consolidating your debts. By reducing your interest payments and minimising fees, you can free up cash that you can then use to invest in your business or personal life.​

One of the most important things to do before the EOFY is to optimise your tax position. This means taking advantage of any tax deductions or incentives that are available to you. For example, you may be able to claim deductions for work-related expenses or investments in your business. By minimising your tax liabilities, you can free up cash that you can then use to reinvest in your business or personal life.​

Another way to unlock cash before the EOFY is to review your budget and identify areas where you can reduce your expenses. This could mean renegotiating contracts with suppliers, reducing your overheads or even downsizing your operations. By cutting costs, you can free up cash that you can then use to invest in your business or personal life.​

Finally, one of the simplest ways to unlock cash before the EOFY is to accelerate your invoices. This means sending out your invoices earlier and following up with customers to ensure timely payment. By doing so, you can improve your cash flow and free up funds that you can then use to invest in your business or personal life.​

There are several ways to unlock cash before the EOFY. By selling unused assets, reviewing your debts, optimising your tax position, reviewing your budget and accelerating your invoices, you can improve your financial position and achieve your goals. So take the time to review your finances and implement these strategies today. ​

If you want to explore your debt refinancing, invoice factoring or tax off set options, sign up with our funding partner Swoop today. ​