Tax invoices


6th June, 2024

Software Tools You Might Not Be Taking Advantage of That Can Help with EOFY

As the end of the financial year (EOFY) approaches, business owners are gearing up for the daunting task of sorting through financial records, preparing reports, and ensuring compliance.

However, with the right software tools, this process can be streamlined and made more efficient than ever before.

Let’s explore some handy types of software tools that can revolutionise your EOFY preparations, saving you time, reducing errors, and improving overall productivity.

Automate Bank Feeds to Reconcile Transactions Faster

One of the most time-consuming tasks during EOFY is reconciling bank transactions.

However, with accounting software that offers automated bank feeds, this process can be made much quicker.

By syncing your bank accounts with your accounting software, transactions are imported automatically, eliminating the need for manual data entry and reducing errors.

Jody Sitters, a registered BAS agent and MYOB Community Relations Manager, recommends the MYOB Business solution.

“It’s a business management platform that effortlessly equips you with built-in solutions to achieve better results,” she says.

“The bank information feeds straight into your MYOB Business software, and you can manage everything more easily with rules and automations.

“I use this tool daily to allocate income and expenses. It saves so much time, and I can do it while all the info is still fresh in my mind.”

Get Paid Faster with Online Invoicing Tools

As the end of the financial year approaches, you need to ensure you’ve invoiced every client for completed work. You’ll also want to try to get paid for as many bills as possible before June 30.

Thanks to online invoicing tools, you can say goodbye to cumbersome paper invoices, as well as many late payments.

It’s quicker to issue invoices because the online tools have a lot of the necessary info already saved on the template, and they can send out automated reminders to customers to make payments, too.

What’s more, many platforms offer online payment options, allowing customers to pay invoices instantly, speeding up cash flow and reducing outstanding debts.

For instance, Jody suggests business owners take advantage of MYOB Business’s powerful in-built payment options.

“With the software, it’s much quicker and easier for your customers to pay invoices faster. Options are varied for payment, too, such as via credit or debit cards, BPAY, Apple Pay, Google Pay, and PayPal.”

Track Work Mileage with Logbook Apps

For businesses that require owners and employees to travel for work, keeping track can be a headache.

Logbook apps make this process seamless by allowing users to record kilometres travelled for business purposes directly from their smartphones.

This not only saves time but also ensures accurate tracking for tax deductions.

Kyelie Baxter, Managing Director at IQ Accountants, recommends these tools.

“The fringe benefits tax year has just ended and my clients who use an app for this find it much easier to record odometer readings and business use percentage because they’ve already done the work,” she says.

GST mistakes

Free download: MYOB’s EOFY Resource Guide

Organise Receipts and Reduce Paperwork with Receipt Tracking Software

Tired of keeping track of piles of paper receipts each financial year?

Receipt tracking software enables you to digitise your receipts by simply taking a photo with your smartphone and letting the technology do the rest.

These digital receipts are stored securely in the cloud, making them easily accessible come tax time.

Plus, many platforms offer OCR (optical character recognition) technology, allowing you to extract key information from receipts automatically.

Kyelie notes that electronic receipt capture options are great because “they reduce human data entry errors and help keep businesses audit-proof by ensuring you have substantiation for your expenses.”

Jody suggests entrepreneurs utilise the MYOB Capture app to take photos of receipts and enjoy seeing their paperwork uploaded straight into their MYOB solution.  

“This means no more crumpled or lost receipts!” she says.

“I love that it’s all taken care of as I’m walking out the shop door. Plus, no more chasing up receipts from staff members. They can send their receipts straight to my MYOB account from their phone.”

Inventory Management Solutions

For businesses that deal with physical goods, inventory management is critical, especially at EOFY.

Inventory management tools can help you track stock levels, manage orders, and optimise inventory turnover.

With real-time insights into your inventory, you can make informed decisions about purchasing, pricing, and promotions.

Jody suggests using MYOB with in-built inventory management to ensure you get the best return on investment.

“You can check stock levels, focus on selling more slow-moving items before the end of June, and avoid ordering more of items you don’t need,” she says.

Reporting Made Easier

EOFY is all about reporting, and reporting tools can make this process much smoother.

Tools such as those found within MYOB allow you to generate customisable reports on various aspects of your business, including financial performance, sales trends, and expenses.

With intuitive dashboards and visualisations, you can gain valuable insights into your business’s health and make data-driven decisions.

As EOFY approaches, leveraging the right software tools can make all the difference in streamlining your financial processes, reducing errors, and improving overall efficiency.

By embracing technology in these ways, you’ll make EOFY less stressful and more productive for yourself and your team.