Tips to help small businesses prepare for EOFY (June/July)

May 8, 2018 3:42 am Published by

If you’re chasing invoices around from this financial year now is the time to enlist some help from an accountant. Consider whether your accounting software can take the hassle out of chasing payments, sending online invoices or automated reminders so you get paid on time.

Pay your debts
Make sure all your bills are accounted for, and that your payments are up to date. You may need to chase you some paperwork from contractors or small businesses that are slow to invoice.

Keep an eye on compliance
Keep an eye out for any tax or legislative changes that will come into effect at the start of the new financial year. Make sure you talk to your financial adviser or accountant; they will be able to put you in the right position to capitalise on a positive change.

Review your goals
Did you achieve everything you intended to last year?
If not, try to find out why and how you can achieve them this year. Review your goals regularly to keep you motivated and on track as your business grows. Your adviser should be able to help with this, so make sure you’re getting the right support from your accountant or bookkeeper.

Organise with new technology
If you’re still using spreadsheets then it might be time to consider how technology can help your business and organise your accounts. Using a cloud based accounting software makes your data more accessible, and keeps you up to date, which can help you reach your goals more efficiently.

httpss://www.xero.com/blog/2018/03/last-minutes-tips-eofy/

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This post was written by Terrena Peade

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