Get ready as the end of the financial year approaches and you have to meet another set of obligations…does it ever end!!! Nope you just have
to tackle the paperwork and get it over the line- but there is help for you!
We have created some tips on how to take the stress out of the EOFY- without you losing too much hair or sleep.
The biggest thing I can’t stress enough on how to make your life easier when it comes to the financial side of your business- is turning to technology. I know this can be hard for a lot of tradies who still rely on note pads, pens, paper etc, (aka my hubby!) and you think the expense that it costs you to purchase the technology, initially can be too much. Well think again my friend as that once off purchase will change the way that you run your business.
You need to move with the times and not resist it. By starting to rely on software will save you sooo many hours of manually entering in job info, expense info, timesheets, the list goes on and on! And you can’t get that time back- wouldn’t you rather spend the time with your family, in front of the couch or playing sport, well ANYTHING else apart from wasting your energy on the ‘old way’ of doing things. Just because they worked in the past doesn't mean they work now.
Using one of the many cloud based tools that are available to businesses these days you can:
You can get rid of that shoe box full of receipts and the old style timesheets for your employees.
Another great way of streamlining your business accounting is by integrating all aspects of your business so at a glance at any time of the year you are able to view your cash flow, invoices that are outstanding and where each project is at, from a financial point of view. Then at the end of the financial year you have everything ready to go for your accountant to take over- with having to think about it too much.
My last great tip before the end of the year is to find out the the best tax reduction strategy for your business, it may be too late for this year, but take a look at what could be improved from this year to the next to make your life easier and reduce that tax bill- after all that is what we all want to do.
If this all sounds a bit much- no stress I have your back!
I can help create the best tax reduction strategy for your business plus talk you through the pros and cons of a range of online accounting platforms so you can make the most informed decision for your business.