1 April 2027: Setting Up Your Business for the New Financial Year
Published: 10/9/2026
Category: Business Growth
The first week of April sets the tone for FY 2027-28. A setup checklist for invoices, opening balances, prices, tax settings, targets and compliance calendars.
1 April 2027 starts financial year 2027-28. The first week is the best time to set up invoices, balances, prices and plans properly, because small errors now repeat all year. Many tax and GST changes also take effect on 1 April, so it is worth checking what changed.
Invoices and numbering
- Start a new invoice series for FY 2027-28 (unique within the year)
- Check invoice formats: GSTIN, HSN, place of supply and any new requirements
- If your turnover crossed an e-invoicing threshold, confirm e-invoicing is enabled
Opening balances
- Carry forward customer and supplier balances from 31 March
- Enter opening stock from your year-end count
- Confirm bank and cash opening balances match
Tax settings
- Apply any GST rate or rule changes effective from 1 April
- Update TDS settings for any changes announced in the Budget
- Decide on the composition scheme if relevant (opt-in timing applies)
- Confirm your income-tax regime and advance tax plan with your CA
Prices and costs
- Review supplier price changes
- Update price lists, labels and catalogues on the same day
- Check margins on your top items (see margin vs markup)
Targets and plans
- Set monthly sales targets based on last year's numbers and seasons
- Plan festival and seasonal stock for the year (Holi, summer, monsoon, festive season)
- Set two or three goals using the 8 numbers every owner should track
Compliance calendar
Put all recurring dates in one calendar: GST returns, TDS deposits and returns, advance tax instalments, licence renewals (FSSAI, trade licence, drug licence) and insurance renewals.
Staff
- Confirm salaries, increments and roles for the year
- Update staff access in your software
- Plan training for any new processes
Where BizFlow fits
BizFlow starts a new invoice series automatically, carries forward balances and stock, applies updated tax settings and keeps your compliance reminders in one place. See AccountFlow and BillFlow.
General information; confirm rule changes with your CA.
Frequently asked questions
Q: Do I need a new invoice series on 1 April?
A: Invoice numbers must be unique within a financial year, so most businesses start a new series for each year.
Q: Which changes usually take effect on 1 April?
A: Many income-tax changes from the Union Budget and some GST changes apply from 1 April. Check the notifications for the year.
Sources
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