How to prep for the End of Financial Year

by | Jun 17, 2021 | 0 comments

Stay ahead of the game during tax time

OMG! The End of the Financial Year is fast approaching. Although we are all wondering where that time has gone, tax time is upon us whether we are ready or not.

With another financial year coming to an end, it’s time to start thinking about what important tasks need to be completed before June 30. After all, organisation is key.

As June 30 looms, preparing for tax time can feel like a daunting task on the already overwhelming to-do list. I know the feeling and I often see it with many of my clients.

Over the years, I’ve come up with some handy tips to manage the busy period, making EOFY a little less stressful – try them for yourself this year (and thank me later).

Declutter
Decluttered space = decluttered mind, right?! I cannot stress enough how important it is to have your paperwork in check as the EOFY approaches. Receipts, invoices, GST returns, BAS statements, employee super contributions…gather and organise them all to streamline the EOFY process.

Stay up to date
Keeping on top of financial data and records is key to a successful EOFY period. Start with ensuring your accounting file is in order and complete any outstanding reporting or tasks that you have not gotten around to doing. It really is the small things that add up when it comes to being prepared for whatever is thrown your business’ way.

Simplify it
This time of year is busy enough, so there is no need to make it more complicated than necessary. Online tools can help to capture everything in one place, such as invoices and banking. With a variety of clever accounting software to choose from, you can keep track of all the data you will ever need for your biz.

Schedule time
You schedule time in your calendar for appointments, so why not do the same to meet EOFY due dates? I like to put time aside to sit down and work towards deadlines before it becomes too late. Oh, and don’t forget to plan a time to meet with your accountant or bookkeeper before the end of the financial year.

Plan ahead
Not only do you want to be organised before the June 30 deadline, think big and plan for the year ahead. With an abundance of financial data at your fingertips, you can step back and review how the year has gone, considering current strategies, future plans, and any pain points that need addressing. Your biz will LOVE you for it in 12 months’ time.

If tax time still isn’t your strong suit, contact IM Business Solutions should you need any advice or support for your business – we would love to hear from you!

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