Tips on getting through the EOFY

Panicked? Stressed? Don’t know where to start? You’re not alone.

2018 2019 is almost halfway through and you know what that means…the end of the financial year (EOFY) is just around the corner.June 30 is a date that often brings out an unwanted amount of pressure; seeing businesses squeezing in sales and thinking about the future ahead.

To ensure business owners and staff have a relaxing EOFY period and continue to grow their offerings, here are some tips we believe will help you get through it.

ASSESS YOUR NOW

Before you can plan, review your past financial posture and better understand where you are positioned.

Create a checklist of tasks that you need to complete to achieve your EOFY goal.

This initial step will guide you in grabbing control over your businesses expenditures and help you with considering how to better manage expenses.

Can you simplify any processes or are there any different approaches you can take?

Have you looked at different ways you can manage your cash flow?

Learn from you now!  

PREPARE

Do you know the documents and financial statements your business requires for the EOFY period?

Are you questioning if you’re missing anything or if you should include something you haven’t already?

Visiting an accountant or bookkeeper will help you with the Australian Tax Office (ATO) requirements and have your accounts ready for tax return.

Ensure you keep up to date with any new legislation that may impact your EOFY reporting and are in a prime position to capitalise on change.

With the announcement of the 2018-19 Budget on May 8 2018, there have been several changes in laws and policies.

Familiarise yourself with any changes to legislation that may affect your business.

EMBRACE THE TECH

Invest in emerging technologies and you will not be sorry.

The days of having boxes and boxes of receipts and haphazard spreadsheets are slowly but surely coming to an end.

Keeping your records and data backed up using online tools will support the productivity of your business.

Automation has seen a shift in the way businesses are run by cutting down the process, error proofing with inbuilt detectors and leaving an audit trail at the click of a button.

This has seen more businesses like yours avoiding possible loss of documentation and dodging mistakes made by conducting manual processes.

Setting up an automated system, like cloud-based accounting software’s, that report business performance will ensure you don’t have to wait to find out how your business is doing and give you more control over your finances.

If you haven’t already done so, automate and limit the amount of work you have to do.

This will mean that when the EOFY comes around, there’s no rush as the automated system flows information you need day by day, building on transparency and removing the fear factor of the EOFY.

KNOW YOUR AREAS OF GROWTH AND PLAN AHEAD FOR EOFY 2019

Keeping track of key areas of growth in your business is very important.

This will help you review your experiences in the year and identify opportunities in the new financial year.

Instead of viewing the EOFY as a bureaucratic headache, you should use it as an opportunity to evaluate your performance and ensure that you are even more ready for 2019 2020 by checking on the health of your business now and along the way.

There’s no such thing as being too organised when it comes to finances especially in the IT industry.

Keeping these tips in mind means you will be in a great position to make strategic decisions to elevate your business in 2019 2020 for a more profitable financial year.

With over one million Australian users, learn more about how you can better prepare for the EOFY through MYOB.

Follow #eofy on Twitter to join the conversation and tag @SynnexAu to let us know your thoughts.

Important notice: Any advice and information in this publication are of a general nature only. Synnex Australia is not a registered tax agent. Any general tax information provided in this publication is intended as a guide only and is based on our general understanding of taxation laws.

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