The 30th of June can sometimes send alarm bells ringing for business owners; but for those who plan ahead, it can be a relatively breezy affair. Our rule of thumb is: a few hours of focused work now can save you weeks of headache later. After all, if there’s one thing you want to be early for, it’s getting ready for the End Of Financial Year!
Our finance specialists pooled their considerably large years of experience (including our award-winning director, Annette Bedford) to list the top 5 things you can do right now to prepare for EOFY. Doing so in March may seem a little bit like jumping the gun, but if you’re going to jump through the EOFY hoops anyway, why not get ahead of the crowds while you do?
#1 Make Managing Your Accounts Easy With The Right Software
Step one: throw away the pen and note-pad! Gone are the days where you have to suffer through hand cramps and chewing through a box of BIC pens. In 2022, there has never been more online & intuitive software to help you get your accounts in order, than right now.
Using digital software (like Xero – the very same ones professional accountants use) allows you to file all of your invoices, receipts & credit card payments in one, easy to access platform. No more digging through filing cabinets as the clock ticks down!
#2 Get Your Paperwork In Order – Yes, All Of It!
Speaking of digging through filing cabinets: if you have to, make sure you get started early! Did you know that if you’re a business owner, you can reduce your total taxable income per year simply by claiming tax deductions for most costs incurred from your business?
You will of course need to record, and perhaps display, evidence of these deductions. But most businesses will accrue a healthy amount of deductions that they can utilize come EOFY.
Additionally, getting your files in order is significantly less stressful the earlier in the year it is. Not only will you have less receipts to collect, more time to find those missing invoices, but once you’ve designated a localized storage unit (see: software and apps) it will be much easier to store your future files.
#3 Design & Check A Cashflow Plan (And Check It Twice!)
If you’re a business owner, it’s not uncommon to find out you’ve been overspending to a small degree on some aspect of your business. This may be digital marketing, an outdated, forgotten software or membership, transport or domain hosting. This is why it’s so important to have a cashflow, on hand, that you can refer to. Knowing exactly how much money you’ll be earning & spending in the leadup to EOFY is crucial for avoiding ascending tax thresholds, deductions, and simply keeping your accounts in order.
Having a cashflow plan in place will also greatly streamline the EOFY process for any accountant or bookkeeper that you use. Of course, there’s nobody better suited to designing a lucrative and efficient cashflow plan than accountants – and our expert team is simply unmatched in our astounding results for Aussie businesses!
#4 Automate, Automate, Automate
If these steps are sounding complex, repetitive and somewhat…tedious, then you’re absolutely right! Pouring through a business’s invoices, receipts and accountants right before EOFY is rarely a fun activity for anybody (except us accountants – seriously, people call us crazy for doing this for fun) but it doesn’t have to be repetitive.
Utilizing relevant software such as apps or websites can not only help speed up the process of pre-EOFY preparation, but can in some cases automate large parts of the entire process!
#5 Consult A Savings Mastermind
Let’s face it: in this day and age, the phrase time is money has never been more true. This is especially so for business owners: there is so much more you can be doing for your business than crunching the numbers. So why not automate it or leave it to a professional! That’s why plenty of Australian business choose the A Firm Accountants to take care of their businesses’ EOFY taxes. You won’t ever have to look at another receipt again!
In addition to this, a professional bookkeeper and accountant will can actually save you money this 2022 EOFY by finding more tax deductions, fancy financial footwork, and by using a professionally designed cashflow plan!
At The A Firm, we ensure that all of your financial accounts are in order for the EOFY rush. Our professional team of qualified accountants & bookkeepers will keep a clear line of communication open with you in the weeks leading up to 30th of June, to ensure your cashflow plan is tailored to suit your business needs. Call us today to book your free 30 minutes session – obligation free!