Are you ready for the End of Financial Year (EOFY)?
The EOFY can often be a stressful time for businesses. However, with careful planning and strategy, it can be turned into an opportunity to improve your business’s financial health.
Here are our top five tips for maximising your business benefits this EOFY.
- Get your records in order: The first step towards a successful EOFY is having accurate and complete records. Ensure all your financial transactions, including income and expenses, are correctly recorded. Utilising accounting software can make this task easier and more efficient. Remember, poor record-keeping can lead to missed deductions, incorrect tax returns, and potential ATO scrutiny.
- Understand your tax obligations: Every business has unique tax obligations, and understanding yours is crucial. Are you taking advantage of all available tax deductions and offsets? Do you qualify for the instant asset write-off? Engage with a tax professional or a registered tax agent to ensure you’re not missing out on any benefits.
- Review your business performance: EOFY is the perfect time to review your business performance. Analyse your profit and loss statements, balance sheets, and cash flow statements to understand your business’s financial position. This review can provide valuable insights into where you can cut costs, increase revenue, and improve profitability in the new financial year.
- Plan for the future: Based on your business review, set clear and realistic goals for the upcoming financial year. This could involve strategies to reduce tax liability, such as prepaying expenses or deferring income. Having a strategic plan in place will keep your business on track towards growth.
- Seek professional advice from Yarra Lane: EOFY can be complex, and sometimes the best course of action is to seek advice from the professionals. The team at Yarra Lane can provide tailored advice based on your business’s needs and financial position. They can also help you with EOFY obligations and ensure you’re compliant with ATO requirements.
Don’t let EOFY catch you off guard. With these tips, you can navigate this period with confidence and set your business up for a successful new financial year. The key to managing EOFY effectively is being organised, understanding your tax obligations, reviewing your business performance, planning for the future, and seeking professional advice when needed. Have questions, queries, or wondering about a strategy? Talk to your accountant at Yarra Lane or get started with us today.