With winter’s onset, Australian business owners and managers are staying in and gearing up for what can be an arduous task – getting on top of their paperwork for end of financial year (EOFY).
Financial Year
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.
Budget Deficit
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 betterDon'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.2. Compare the current financial year against the previous yearCompare your 2011 tax year against previous years to pinpoint the positive and negative trends. When were your peak periods? How well did each of your products/services perform? Talk to a professional who can help identify which ones deliver the healthiest returns, re-evaluate your margins and loan terms, help you with managing cash flow, inventory and staying on top of debtors, and on the like. They can even perform business benchmarking activities, comparing your performance against similar businesses.*3. Familiarise yourself with key compliance changes for the new financial yearDid you know the flood levy will no longer apply after 1 July and tax-free thresholds are changing? Are your systems prepared for the introduction of the carbon tax? If you operate a business in the building and construction sector, are your systems prepared for the annual reporting of contractor payments in 2013? Check outhttp://myob.com.au/2012 for everything you need to know about EOFY compliance changes.
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