Avoid any suprises when the financial year ends! It is crucial to be organised and resume business operations smoothly.
We want to share an article from myBusiness, ‘Tips to Prepare for End of Financial Year’. This article offers valuable insights on how to operate efficiently by maximising returns and avoiding costly mistakes. Below is a summary of a few tips the article outlined:
- Get your records in check: Prepare your financial records to ensure they’re accessible come tax time. As a small business owner, it is essential to complete all yearly tasks.
- Tax deductions and planning: Find out what tax deductions and concessions you can claim and ensure you have records proving the expenses you claim as business deductions. Begin planning for the end of financial year by writing off any debtors or assets to claim a tax deduction.
- Business planning: Look at whether you met your targets and what you will do differently next financial year. Take time to organise yourself for the year ahead, work out what went well and what didn’t. Outline the aspects that you enjoyed, and whatever you decide from here ensure you track your progress. Conduct a thorough review of your finances with the assistance of your accountant or bookkeeper. Most importantly, make the most of opportunities and assess whether your strategies are working.
- You don’t have to do it alone! Our team here at Roberts + Morrow are here to help. Rushing the process can result in problems. Allowing us to support you can alleviate any surprises later in the process.
If you require guidance to get on track for the next financial year please reach out to our team here at Roberts + Morrow.