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The end of the financial year (EOFY) is a challenging and busy time for businesses as there are multiple things to handle. If you are not careful or procrastinate, you can scramble at the last minute to organise your affairs before the deadline. To avoid this, you can seek help from an experienced and reliable business consultancy in Australia. However, if you choose to prepare for EOFY yourself, here are expert tips that will come in handy. Have a look.
Getting your financial records and other paperwork in order is an important task, and you must manage it well in advance to ensure you are not caught off-guard during submissions at EOFY. If you have a business consultancy for accounting and financial planning, seek their assistance for this step to get all documents. With or without professional help, you will need to arrange and sort the following paperwork.
These are just some of the documents you will need. To get a complete document list, check out this end-of-financial-year checklist.
Every bill you receive for your business must be paid by the financial year’s end as part of the preparation. It means you have to finalise invoices, and it means you also have to go after clients and vendors who are yet to send their invoices. To streamline your invoices, develop a sustainable system for receiving bills and paying them on time.
Many business owners struggle with taxes at the end of a financial year. If you do as well, then delegate this task to a financial expert via a reliable business consultancy in Australia. Small businesses can deduct the cost of conducting business from their assessable income. You just need to know what deductions you can claim. Finding your tax deductions is one of the most important EOFY preparation.
Note: While doing this task, never mix your personal and business bills.
Do you know that 92.6% of businesses in Australia have a turnover of less than 2 million in 2021-22? Since there are so many small businesses in this category, it isn’t surprising that the Australian Taxation Office offers them a range of tax benefits. If your small business falls into this category and wants to know what benefits you can get, check ATO’s website now and gain valuable insights.
To stay on top of your game at the end of the financial year, you must know what statements and reports are due and when. Never miss a deadline for submission or declaration by marking important dates on a physical calendar or your phone. If you have a business consultancy, make sure they keep a tab of these dates to help with EOFY preparation.
When you complete end-of-financial-year tasks in a hurry, something or the other will go wrong, and it will create a huge problem. Therefore, always start the preparations at least two months before the deadline and make sure to streamline your work according to importance and urgency. Start with easy-to-manage tasks and complete them to have ample time to complete major and time-consuming work.
Understanding and fulling year-end financial formalities are difficult and confusing, especially if you are a first-time business owner. Even if you have an established business, you can still need help because, with a new budget every year, regulations and rules keep getting revised and staying up to day with work commitments can be challenging. Therefore, rather than stressing about these formalities, hire a reputed business consultancy in Australia to manage all the documentation and submission.
If you don’t want to have a stressful and challenging time every time the financial year comes to an end, follow the tips above to prepare for EOFY. Also, don’t hesitate to seek professional assistance from an experienced financial expert or a trusted business consulting firm in Australia.
