EOFY is coming! Is your business ready?

The end of financial year is quickly approaching. While you want to make sure you have covered all your bases correctly, it does not have to be a stressful time – as long as you plan ahead and get your business ready.

Get the right advice

Just like you wouldn’t rely on a quick google search to give you a health diagnosis, the same applies for the health of your business. Talk to your Accountant or Bookkeeper and work through what needs to be done before year-end. They can assist with questions like, what documents do I need to gather up? How much tax should I have paid? Are all my reporting obligations met?

Plan your year ahead

Now is a good time to work on a plan for the new financial year. Speak with your Accountant or Bookkeeper as they can help you with your budget and can talk with you about taxes. They can assist you in putting a 12-month strategy together to ensure there are no surprises along the way.

We all want to ensure we are claiming as many expenses as we can, but do not want to claim the wrong things. One good tip is to keep business expenses separate from personal expenses by using different cards and bank accounts. It is also imperative to keep accurate and sufficient records of what you have spent money on. Using an application like Dext makes this easy and means you can take photos of receipts while you are on the go.

Start the year with a clean slate

Ensure you tie up loose ends! Make sure you have invoiced all customers correctly and paid any bills due. Ensure outstanding bills have been entered and all the work you have completed, or stock sold has been invoiced. This will make going through your records a much smoother process.

Have you thought about the following?

End of financial year does not have to be a stressful time for business owners. Get a head start now to make this period smoother for you and your business. If you are requiring assistance, please contact our office.

The Money Edge | Bundaberg

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