How do you prepare for the End of Financial Year?
The end of financial year can be stressful for small business owners, but it doesn't need to be.
At RWK we are here to help you Stress Less!
As part of our seminar mini series, we put together a video checklist to guide you through preparing your Xero file ready for tax time.
Xero is fantastic at helping business control their own information through the year. In doing this though there may be a whole year before we check the file. This can be costly at year end if basic things like your bank don't reconcile properly. These simple checks can help to make sure your file is in good order and save you time and money for problems when it gets to us.
Some of your yearly tasks as a small business owner may involve reviewing your Profit and Loss and Balance Sheet reports, conducting a stocktake, cleaning up debtors and creditors, reviewing and entering asset purchases, meeting employer requirements and lodging reports to the ATO.
It's a good idea to do your homework and find out what deductions you are eligible to claim and how these are calculated. Do you use a software like Xero or app to record your deductions?
Be wary of tax scams! Unfortunately at this time of year there is an absolute minefield of misleading information from scammers trying to pose as the ATO. Never give out any personal information and if you are unsure check your MyGov portal or contact your accountant with your concerns.
At this point in your reviewing journey it's a good time to look at updating your business and marketing plans. Remind yourself of your goals and priorities. Assess whether your strategies are working and adapt to any new changes in your environment.
Remember to work smarter, not harder and Stress Less with RWK Accountancy.