It’s that time of year again. Have you had a chance to review your business to see how you are performing? Or are you simply just too busy? Being busy doesn’t always mean you’re profitable. In order for your business to grow it is imperative to analyse performance as you go. And reviewing the accounts before the end of the year is a wise move.
It is easy now for business owners to keep updated with all of the great cloud solutions at their fingertips. With cloud enablement, businesses can be more efficient and productive too. Collaboration with accountants and bookkeepers is so much easier as they have ready access to data in order to assist you with being organised and up to date.
By being organised early and setting good processes you will make for a smoother year end. It makes for easier tax planning as you will have your information live. Your accountant can prepare year end tax planning well ahead of the year end.
With online accounting software like MYOB Essentials you can finalise your payroll year end compliance work quickly and efficiently. GST, PAYG, payroll and superannuation requirements are also performed more easily. And having access to the reporting tools within the cloud products provides information instantly for compliance lodgements.
Having live bank feeds link directly with your file keeps data up to date. If you take the time to setup your bank rules you can automate your data processing so that it doesn’t pile up. You then have reports available that are as up to date.
In preparation for Financial Year end you need to prepare the following:
In preparation for tax other things to also consider are:
These are some of the things you can do to prepare for your year. By implementing some of these strategies above prior to year end, you ensure that you reduce the possibility of paying more tax than you really have to. That’s why it does not pay to delay doing what is crucial for every business. Forward planning makes for better business performance and allows for growth. Business owners should no longer need to be bogged down with bookwork when they have all the tools to create such efficiencies in the market place.
If you’d like to learn how to make your business more successful, visit myob.com.au/businesstips.
The information provided here is of a general nature for Australians and should not be your only source of information. Please consult an experienced and registered tax agent as each small business’s circumstance will vary.