14th June, 2023
It’s almost the end of the financial year again, so it’s time to start ensuring you have all your paperwork in order and think about how to handle all those tax-time tasks more effectively than ever.
If you don’t currently utilise an online accounting platform or a business management platform that allows you to streamline and automate a variety of customer-based, accounting, financial, and sales tools, you’re doing yourself a disservice.
Here’s a lowdown on how the MYOB business management platform can assist business owners at all stages, from startups and sole traders to companies and enterprises, right through the end of the financial year period.
Belinda Spence, Senior Tax Manager at MYOB, says, “By setting up automatic workflows, you can significantly reduce the manual work required to get your records in order to prepare your tax return at the end of the financial year. Goodbye, complex Excel spreadsheets!”
You can use the software to set up real-time bank feeds so that anytime you or your team make a purchase from a regular supplier or get paid from a regular client throughout the year, the system automatically matches expenses and bills to your bank transactions and then reconciles them.
Rather than having to manually allocate each transaction to a different field, the program will do the hard work for you, saving you hours come tax time.
There’s no point using a software program that makes life harder for your bookkeeper or accountant, and you in turn, and that leads to you paying more than necessary in fees for their help.
Ms Spence explains, “You can add your accountant directly to your MYOB account so they can access your financial information in real-time and identify any area where you may need additional expert advice.”
“This easy access reduces the need to send files manually or manage version control issues outside the MYOB platform.”
As a result, you’ll spend less time ensuring your accountant or other contractor has the correct information when needed, and there will also be fewer errors to worry about.
If your business handles stock or inventory each year, you know that managing this can be time-consuming, especially at tax time.
“The MYOB BMP is a great time saver for managing stocktake and inventory management at the EOFY,” Spence says.
The sooner you can set up this product to track and itemise what you hold in stock and what you sell, the better.
Spence says, “If you’ve already set up inventory management software within the MYOB platform, a big tip is to ensure you’re utilising this feature to its full potential — remember that you can automate a number of the manual processes associated with stocktake and make informed business decisions regarding inventory for the next financial year.”
You can save hours on completing a standard manual stocktake at the end of the financial year and use MYOB’s software to run a report for you on stock-on-hand as of 30 June, among other details.
Spence says that many people don’t utilise the BMP in all the ways they could, especially concerning tax time functions. This is something you can change, though.
“When businesses start using a platform like MYOB, it can be overwhelming to understand all of the features that can be used in your business. I think a simple function that can save additional time and energy is focused on invoice management.”
“Within the MYOB platform, you can set up automatic payment reminders for your customers and schedule payment of recurring invoices, saving you time and stress and giving you more time to focus on running your business.”
This assistance will help you get your accounts receivable closed out as much as possible come the end of the financial year and make it a breeze to see what bills you’re still owed money for.
If you have a team to lead, don’t let payroll processing get you down.
Use the software to calculate taxes, leave, and superannuation details and complete your pay runs in a few easy steps.
You can generate and report Single Touch Payroll (STP) to the ATO in a blink, to ensure you don’t miss any deadlines and continue to stay in the tax office’s good books at tax time and year-round.
Keep in mind that your workers can use the MYOB Team application to check their pay slips for their own tax returns, leaving you and your management team with fewer requests to respond to at EOFY.
Don’t let tax time or other financial and reporting deadlines cause you unnecessary stress when products are available to make your life easier.