EOFY is not nearly as much fun as having a night out, but arming yourself with knowledge to meet compliance obligations can put you on the path to prosperity. We’re about to hit one of the most compliance-heavy periods in some years, and organising your EOFY business financials early can hold a greater benefit over the long term.
Now is an opportunity for business owners to reflect on the success of their growth strategy, review the current financial year and proactively approach the next.
MYOB CEO Tim Reed says, “Being slugged with a tax bill is a stress that business owners can do without. Those who take action now to review their systems, processes and software are ready to hit the ground running at 1 July. This can put a business strides ahead of its competition.
“For example, a business that pays building and construction contractors should start capturing those contractor payments as of next month. Otherwise they’ll be playing serious catch up when the first report is due next year.
“When viewed as an opportunity to give your finances, operations and strategy a tune-up, the end of a financial year can be a launch pad to a happy and prosperous new year. If a healthy bottom line and a positive pace of growth are at the top of your wish-list, simple steps today can make a big difference to tomorrow.”
MYOB’s top 10 tips for a happier new financial year:
1. Get professional help to know your business better
Don’t wait to get to know your business better. If cash flow, taxation and forecasting aren’t your areas of expertise, contact an accountant with experience in your industry to help. They can immediately identify potential EOFY issues, such as incorrect transaction dates, foreign exchange rates or inventory anomalies, and these aspects can be monitored throughout the year.