Tash-Ly’s Tips & Tricks – make EOFY easier
Frequently I am asked by people outside the bookkeeping and accounting industry –
“Why is EOFY such a big deal?”
“Where do I start….?”
In relation to management of finances for small businesses, the EOFY period is a bit of a cliff face and can be quite an inflexible deadline. Transactions taken either side of 30 June can have flow-on effects for tax purposes.
Top 3 tips to help make EOFY easier
No. 1 – Be organised!
Start working towards the EOFY processes well before EOFY arrives. Keeping your accounts up to date may help discover any issues which need resolving well ahead of the deadline. Keep up to date with reconciliations for the key financial items, such as your payroll and tax obligations. It will also provide time for tax planning and having those important discussions with your accountant or advisor to make important decisions about your upcoming tax liabilities.
No. 2 – Have a Plan!
Knowing your obligations, and when they fall due can set you up to ensure you have met all your requirements with sufficient time. Did you know that you need to pay your employee super well in advance of 30 June to claim a tax deduction in that year, even though they aren’t legally due until 28 July? What small business doesn’t want to maximise their tax refund? Ensure that you have met your deadline dates for preparation of Payment Summaries, WorkCover reconciliations, Superannuation payments etc.
No. 3 – Seek Improvement
EOFY is a great time to reflect on how your business and its processes operated for the prior year, and to set intentions for the new year. Are you currently getting the most out of your accounting software? Are there add-ons which may help streamline your accounting that are worth investigating or implementing? How are you coping – is there an advisor or support person who could help you for the next financial year?
Most importantly – keep calm… and plenty of coffee 😉
Tashly Consulting – dedicated to providing seamless, high-quality, transparent bookkeeping services – If you would like a further information or require EOFY support please contact us via telephone 0413 631 909 or via email.
Tashly Consulting – Not your average Bean Counter!
Disclaimer: All or any advice contained in this blog/newsletter is of a general nature only & may not apply to your individual business circumstances. For specific advice relating to your specific situation, please contact your accountant or other professional adviser for further discussion.