20th June, 2023
The end of the financial year can be a challenging period for tradespeople who are already busy managing multiple projects and clients.
However, with the advent of powerful cloud software like the MYOB business management platform, trades businesses can easily simplify and streamline all of their financial processes.
Whatever your trade and wherever the job, discover how you can create invoices, track payments and manage your spending, all in one place.
One of the primary challenges for tradespeople during tax season is managing receipts and ensuring accurate record-keeping.
MYOB addresses this challenge with its innovative and efficient receipt capture app. By simply taking a photo of a receipt using their smartphone, tradespeople can instantly upload and store the document in the MYOB system.
This eliminates the need for manual data entry and reduces the risk of losing important receipts.
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“The receipt capture app really streamlines the process of tracking deductible expenses,” Belinda Spence, MYOB’s Senior Tax Manager says.
“This includes items such as equipment purchases, fuel costs, or maintenance fees, and it really simplifies the claiming of deductions during tax time.
During the end of the financial year period, tradespeople are often faced with additional challenges and one of the most common is managing invoices and tracking payments.
The MYOB invoice app helps simplify this process by enabling tradespeople to create professional invoices quickly and easily.
The app allows customisation of invoices with company logos and branding elements, enhancing professionalism and brand consistency.
By using the invoice app, tradespeople can generate invoices on the go and promptly send them to clients.
This eliminates delays and ensures that invoices are delivered in a timely manner, expediting the payment process.
Tradespeople can track outstanding invoices, send reminders to clients for overdue payments, and maintain a clear overview of their cashflow.
EOFY often requires seamless collaboration among tradespeople and their accountants. MYOB’s team app facilitates effective team communication and collaboration by providing a centralised platform for sharing documents, financial data, and updates.
Team members can access and update information in real-time, ensuring everyone is on the same page.
“The team app allows tradespeople to grant controlled access to their accountants, allowing them to collaborate closely and efficiently during the tax preparation process” Spence says.
“Accountants can access relevant financial data, review transactions, and generate reports, significantly simplifying the process of preparing and lodging tax returns.”
The MYOB business management platform serves as the foundation for tradespeople to streamline their financial operations during the EOFY period.
With features such as expense tracking, inventory management, financial reporting, and more, trades businesses can effectively manage their finances and gain valuable insights into their financial health.
“It’s during the EOFY period that the MYOB business management platform becomes even more valuable,” Spence says.
“Tradespeople can generate comprehensive financial reports summarising their income, expenses, and profitability for the year.
“These reports not only aid in understanding the business’s financial performance but also serve as crucial documentation for tax purposes.”
The integration of the receipt capture app, invoice app, and team app with the MYOB business management platform ensures seamless flow of information and data.
Tradespeople can easily access and analyse financial data, review expenses and invoices, and identify areas for improvement or cost savings.
The MYOB business management platform also facilitates bank reconciliation by directly importing transaction data from connected bank accounts, reducing manual data entry and ensuring accurate records.
Put simply, the end of the financial year doesn’t have to be a daunting task for tradespeople.
The time saved can be redirected toward focusing on core business operations and enhancing customer satisfaction.
With MYOB as their trusted financial management solution, tradespeople can confidently navigate the complexities of tax season while maintaining accurate records and maximising their financial success.