KDF Bookkeeping Services, based in Geelong have put together a few tips to help you prepare for the end of the tax year. The end of the financial year is Apon us. This doesn’t have to be a stressful time. So lets get your business ready NOW.
Ask for the right advice
Just like you wouldn’t rely on an internet search for a health diagnosis, the same applies for the health of your business. Talk to your accountant/bookkeeper, and work through what needs to be done before the year-end. They can help answer questions like, what documents do I need to gather up? What sort of tax should I have paid? How much more do I need to pay and when do I pay it? Really what everyone wants to know is “ how can I pay less”.
Things you should know
You know that you can check in on your MYOB/Xero data at any time? If you don’t have access, ask your accountant or bookkeeper to invite you in. The key to understanding and managing your business’s financial health, is to make sure you get your weekly/monthly/quarterly reports. It’s important to know your up-to-date information all the time, not just at the end of the financial year. Xero and MYOB are the best of the best out there.
Get ahead for next year
Now is a good time to work with your accountant or bookkeeper to work on a plan for the new year. They’re in a much better position to help you budget and talk about your taxes. They can also help put a 12-month strategy in place to ensure there are less surprises. Getting everything in order and flowing will keep everything under control and life less stressful.
Start the year with a clean bill of health
Tying up loose ends can make financial year-end much smoother. Make sure you’ve invoiced all customers correctly, and you’ve paid any due bills. Bank any cash and cheques, and check that all payments have been recognised. Also ensure outstanding bills have been entered into Xero/ MYOB, and all work you’ve done has been invoiced. This will make going through your records a much smoother process for your accountant or bookkeeper.
Bookkeepers make your life easier
A cloud accounting platform makes running your business easier and helps your accountant or bookkeeper complete your year-end accounts faster. This is because you are all working from the same set of data and it is always up-to-date. Keeping on top of bank reconciliation also helps you stay in touch with what’s happening in your business and makes your financial year-end a breeze!