22nd March, 2024
The end of the financial year (EOFY) can often feel like you’re running a marathon with the finish line always moving further away.
The good news is that with the right approach and tools, you can own tax time and reach that finish line faster.
We spoke to Laura Mason from Team Bookkeeping about managing EOFY without the last-minute panic.
Laura’s most important piece of EOFY advice? “Be proactive rather than reactive.”
That means incorporating EOFY tasks into your routine year-round so that when the deadline approaches, you’re ready to go.
Let’s talk specifics:
Why not ring in the new financial year with an accounting system that helps your business succeed?
With MYOB’s online solutions, you can glide through accounting and payroll updates, automatically staying in step with IRD changes.
Here are a few key benefits that help you be proactive:
Payroll always needs careful attention, but especially so at EOFY.
“It’s important to make sure everything is balanced with IRD,” explains Laura.
Ensure all payments up to 31 March are sorted for this financial year. Anything paid from 1 April goes into the next year.
If you’re using MYOB, run reports, adjust the date range to the current financial year, and check that employee details, rates, and contract terms are up to date and balances are accurate.
It’s also a great time to check that you’re complying with employment responsibilities:
MYOB automates PAYE management, so you can say goodbye to messy manual admin at EOFY.
Picture this: you’ve left a coffee shop after a client meeting, and instead of stashing that tax-deductible receipt in your wallet (where it’ll likely be forgotten), you snap a photo with Capture MYOB.
Like magic, it lands in MYOB, ready to be transformed into a bill or matched with a bank transaction.
This is also one of the best ways to stay proactive, minimise your tax, assure compliance and monitor your spending.
“Capture is an incredible timesaver for you and your accountant,” says Laura.
Have you laid down your business goals and carved out a strategic plan for the year ahead?
Laura explains how setting SMART (Specific, Measurable, Achievable, Relevant and Time-bound) goals helps you stay on track.
“Small wins, one foot in front of the other, and you’ll achieve massive results,” says Laura.
Partnering closely with your accountant is more than just numbers.
It’s also about establishing internal workflows and creating seamless communication between your bookkeeper, accounting system and your tax agent.
“Ask them to conduct a regular health check of your finances, identifying strengths and diagnosing any areas that need attention before they become issues,” says Laura.
Checking the boxes and balancing the books is important, but EOFY is also a time for personal reflection.
Celebrate your wins, learn from the losses, and set clear goals for the new financial year.
Use this time to balance your personal and professional life, develop efficient processes, and set boundaries to improve your overall well-being.
And for those still relying on spreadsheets, it’s also the perfect time to switch to an online accounting solution like MYOB Business.
It simplifies tax time, helps manage business operations including payroll, and gives you a clear view of your financial position or performance at any moment.
Make the change now, and next year’s EOFY will look very different.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.
MYOB is not a registered entity pursuant to the Tax Administration Act 1994 Agent Services Act 2009 (TASA) and therefore cannot provide taxation advice to clients. If you have a query concerning taxation including filing your BASGST return or annual tax statements then you should consult with your accountant or other registered tax adviser.