As we move into this new financial year, it’s the ideal opportunity to reset, review, and refocus your approach. When you’re operating a busy Australian childcare centre, establishing strong foundations early can determine your success for the entire year ahead. Here’s how to start the new financial year properly with clarity, confidence and control.
Review the Year That Just Finished in your Childcare Service
Before diving into forward planning, take time to honestly assess your previous year’s performance:
• What were your most significant achievements?
• Where did you overspend or fall short of expectations?
• Did you achieve your financial and operational targets?
Examine your profit and loss statements, cash flow reports, and any KPI tracking you’ve maintained. Understanding your starting point is absolutely essential for determining your destination.
Update Your Budget and Forecasts
A fresh financial year demands fresh projections. Carefully review your:
• Revenue targets based on current enrolment patterns or service demand
• Staffing plans, including wage increases and superannuation changes
• Operational costs covering rent, utilities, and essential supplies
Having a clear and realistic budget prevents unwelcome surprises and supports informed decision-making throughout the year.
Get On Top of Compliance Requirements for your Childcare Centre
Begin the year confident in your compliance position:
• Ensure STP reporting remains current and accurate
• Confirm the superannuation guarantee increase to 12% is properly reflected in your payroll systems
• Verify award rates are updated, particularly following the recent 3.75% minimum wage increase
• Review all contractor agreements and schedule upcoming BAS or IAS lodgements
For childcare centres specifically, this is crucial given the sector’s complex regulatory environment and funding requirements.
Check Your Childcare Systems and Processes
Now’s the perfect time to audit your internal operations:
• Are you satisfied with your current payroll or accounting software performance?
• Are staff timesheets being tracked accurately and efficiently?
• Could you benefit from increased automation or strategic outsourcing?
Efficient systems save valuable time and significantly reduce costly errors, particularly important as your business grows.
Communicate With Your Team
Keep your team informed about any changes planned for this year, whether that’s payroll cycle adjustments, wage increases, or process improvements. Well-informed teams are consistently more engaged and productive.
This is especially important in childcare settings where staff retention and satisfaction directly impact service quality and regulatory compliance.
Plan for Strategic Growth
Use this new financial year to establish ambitious yet achievable goals:
• Are you planning to scale operations?
• Do you want to improve profit margins?
• Need to reduce administrative burdens?
Consider whether now’s the right time to bring in additional professional support such as specialised childcare financial services, comprehensive bookkeeping assistance, or virtual CFO guidance.
Need Help Navigating These Changes for Your Australian Childcare Centre?
At Sprout Payroll & Finance, we specialise in supporting Australian childcare providers with tailored financial solutions/management.
Interested to know how we could support your service? Book a free call to run through your needs and our options.