End of Financial Year Doesn’t Need to Be Scary
Stay stress-free in March.
The end of the financial year is coming up fast. For business owners, it can be a time of stress and last-minute tasks. We work with a lot of them, so we’re well aware of the anxious atmosphere that often arises as March draws to an end.
The good news is this: it doesn’t have to be that way! We have some top tips that will help you to cruise into the EOFY period stress-free. And while some of them will have more effect on next March than this one, now’s the time to start thinking about how you can set yourself up for success in 2023.
Keep things in the cloud
If you aren’t doing this already, take advantage of a cloud-based system to store your financial records. This makes it easy to give your accountant access without having to email documents and folders.
You may be doing this already without even realising it—most modern accounting platforms like Xero are cloud-based and streamline the transfer of records to anyone you wish to access them. Even if you are using a more manual bookkeeping system, you can use something like Google Sheets rather than Excel to make it easier to share.
2. Know what you can claim
It’s a good idea to go into the EOFY with knowledge of what you can claim as a business owner, including both tax-deductible expenses and any COVID-related grants or aid. This makes it easier to get together everything you need in advance.
Your accountant will be your best resource for this, so try to schedule a discussion with them in advance of the late-March rush and talk about what you can claim.
3. Chase up your invoices
As March progresses, you should be getting on top of outstanding debt so you can go into the new year with balanced books. Don’t be afraid to advise your debtors of what they owe you and send frequent reminders.
4. Know the key dates
Being aware of due dates for various paperwork and filings will help you to avoid the panic of falling behind. Again, your accountant will be your best resource for this. You can also look on
the IRD website for accurate and updated information.
5. Stay organised
year-round
This is the big one. While it might not be helpful to you right now, it most certainly will for the next financial year.
Keeping accurate books all year will allow you to sail through March knowing that you have all the necessary information at hand. No more all-nighters spent searching through old emails or even worse, old receipts. An ounce of prevention is worth a pound of cure, and a few minutes spent each day making sure that your bookkeeping is up-to-date is worth many hours of panic at the end of the financial year.
There are so many tools to help you achieve tidy, accurate books. Platforms like Xero and MYOB are popular for very good reason, making it simple and achievable to keep track of incomings, outgoings, and anything else you need to record.
If you need more than just some clever software, a virtual assistant can be a fantastic investment in your financial peace of mind. Having someone experienced in bookkeeping to put in a small amount of time each week will take the task almost entirely off your plate—a plate where it is fighting for attention with tasks you are better qualified for.
For a smooth and streamlined EOFY period in 2023, get in touch with Released! Our
award-winning team are the experts in bookkeeping and other business support services for tradies and other service-based SMEs. You might be surprised at what we can achieve together.
