Posted on 31 May, 2014 in EOFY, Small Business, Tips

The End is near! (The end of the financial year that is) Are you ready?

The End is near! (The end of the financial year that is) Are you ready?

Has the tax man got you shaking in your work boots yet? No time for beers, the EOFY is coming!

It’s not too late, have you had some quality one on one time with your accountant? A quick review of the trading year could identify some tweaks to minimize your tax liability.

Top 5 ways you can get yourself ready

1.Take advantage of deductions, write off and rebates - Contact your accountant to discuss the deductions, write-offs and rebates available to your business before June 30. Make it a point to get rid of any worthless stock, plant and equipment you may be sitting on by reviewing your asset register.

2.Provide relevant information to your accountant - Provide all necessary financial information to your accountant or bookkeeper, and make sure you don’t leave anything out.

3.Finalize end of year adjustments - Your accountant or bookkeeper may want to make a number of adjustments to your reports or accounts. Once changes have been updated, lock all accounts relating to that year so that data remains accurate. This will help ensure a smooth transition into the new financial year.

4.Create a separate copy of your accounts and back it up - Whether you’re working on your accounts in the cloud or on your desktop, you should seriously consider making a point-in-time backup outside your accounting system that creates a data file for the 2013/2014 financial year only.

5.Prepare for the new financial year - The end of financial year shouldn’t be all reports and numbers. It’s also a good time to reassess and tweak your business plan and ensure you’re on the right path for the next financial year. It’s a good idea to review your accounting software and think about how your business can embrace and benefit from new technology, such as cloud accounting solutions. In short, get organized now. Don’t leave it until June 30.

Existing KHB Clients need not fear the EOFY, we will assist you through this time by providing all relevant information to your accountant to get your tax lodged on time.