5th May, 2018
Is this your first end of financial year? Welcome, you’re in for a fun ride.
EOFY is usually seen as an absolute pain. Countless forms demanding to be filled out, robbing you of time that’s just not there.
You might have some Business Activity Statements ticked off, but this is the big fella.
That’s because EOFY veterans know that EOFY goes way beyond paperwork – it gives you a snapshot to set up for next year’s success.
What shakes EOFY time from being an exercise in paperwork to driving you along the right path?
While saving a bit of cash can tempt you to try to do everything yourself, getting a trusted advisor such as an accountant or bookkeeper will spot opportunities you could miss.
If they’re a registered tax agent, there’s the double bonus of them filing the tax return with the ATO for you.
They’ll be across all your entitled tax deductions, and if this is your first year in business they’ll be much more than a number cruncher.
Here’s your business confidante, working with you to make things as easy as possible.
If you’re the sort who likes to get your head in the books, their expertise to identify areas will add to what you might miss.
If you’re the sort who just wants to hand everything over, they’re okay with that too.
Either way, it’s vital to find an advisor who you can trust.
Now you’ve got a trusted advisor in your court, you both need to work on these things for a speedy return and to be primed for future success.
Seeing all those dot points can be daunting, but don’t give up!
Working with your advisor and smart cloud-based solutions like MYOB means all this can be done without sacrificing your precious time and sanity.
Because MYOB is cloud-enabled, your trusted advisor can log into your file and do work for you. You can get back to what you do best, running your business.
Want more info to set yourself up for success this EOFY? Keep tuned to The Pulse for more tips and tricks as we approach the deadline.
The information provided here is of a general nature for Australia and should not be your only source of information. Please consult an experienced and registered tax agent as each small business’ circumstances will vary for end of financial year.