EOFY crunch time: Get through this week and get sorted for the new year
The end of the financial year can be stressful time for business owners, especially if you’re trying to squeeze in EOFY bookkeeping on top of the day-to-day operations of the business.
But some customers tell us they look forward to this time of year, so their accountant can tell them how the business is performing.
Simply put, a year is too long to go without knowing how healthy your business is.
Running a business is hard enough, so why do it the hard way?
We often hear from small business owners who are fed up with the amount of admin or paperwork taking up their day. It’s never the reason they go into business, and yet it’s what they find they do most of the time.
Today’s online accounting solutions like MYOB Essentials, help streamline and automate these “dumb processes”. It also saves your time and effort at end of the financial year as most of the prep is done throughout the year.
This frees you up to focus on why you got into business in the first place by providing visibility of the business financials, what’s working and what’s not.
A new year, a new start
The end of the financial year is the perfect time to put some systems in place to set your business up for success. Start the new year with our three essential tips below.
1. Review your accounting and payroll system
Online accounting and payroll takes the hassle out of tax change and payroll compliance. Software updates are continuously released in the background as IRD changes take effect, so you don’t have to do anything.
MYOB online solutions not only keeps you up to date with Inland Revenue changes and automate tax and PAYE compliance for you, we work closely with Inland Revenue to bring you new features that help simplify tax.
2. Set up eGST
Use MYOB Essentials to track your GST in real time and file directly to Inland Revenue. Understand your GST position and whether you’re tracking towards a bill owing or a refund in each period.
Plus, the software pre-populates the IR return so all you need to do is check it and submit directly from the software to Inland Revenue.
3. Prepare for pay-as-you-go provisional tax
Improve your cashflow and minimise your tax liability with the new Accounting Income Method (AIM) for paying provisional tax.
READ: What is AIM?
AIM works through MYOB Essentials to use your business’ current earnings when calculating provisional tax each period. This means you only pay tax if your business makes a profit, and receive a refund straight away if you make a loss.
MYOB Essentials is one of the only online solutions that is AIM-capable from 1 April 2018. Speak to your financial advisor to make sure AIM is right for you.
Check out our handy tax planner for small businesses to get sorted this week.
It’s your one-stop shop for everything you need to know to stay compliant this EOFY including essential tips, key dates, checklists and links compliance upgrades and release notes and training videos.
Ready to move online? Try MYOB Essentials free today