While we understand you need the wheels of your business turning as efficiently as possible, taking a bit of time out to get your paperwork right can help your business run even more efficiently. I believe it may or may not have been Confucius that once said “the start of a new financial year is just important as the last.”

Here at Tradie Bookkeeping Specialists, we recommend speaking with your accountant regarding your tax as early as possible – EARLY Tax planning is SMART tax planning. If you are struggling for time and are too busy running your business, fear not, bookkeeping is our forte and we are always ready to help set you and your business up for success. We will make sure your paperwork is compliant with t’s crossed and i’s dotted so you can approach your accountant at ease.

Pre-planning and organisation are the keys to success so here are some hot tips to tidy up your current financials and prepare for the new financial year:

  1. Filing systems are a must have. Just find a system that that suits you whether it’s on your hard drive, USB, cloud or old fashioned folders and have them stored safely and soundly.
  2. Make sure you keep all of your bank statements, you never know when you may need to prove payment.
  3. Bank reconciliation is essential for those that have a business bank account, business credit line or business overdraft.
  4. For those with Payroll (Very important) – These payment payroll summaries (group certificates) must be handed out by no later than the 14th of July.
  5. Conduct a review of your numbers as you may be asked by your tax agent about certain expenses.
  6. Follow up on outstanding payments – It’s always good to have a refined process to chase up any outstanding payments from your clients.
  7. Be aware that Group Certificates are no redundant – If you don’t have Single Touch Payroll and you pay employees you may need to speak your bookkeeping specialist!
  8. And lastly, don’t let yourself be overwhelmed. It can be a very stressful time with the sudden realisation that your bookkeeping has not been maintained as it should have been. Just remember it’s never too late to ask for help.
  9. EOFY is always around the corner and Ari from Tradie Bookkeeping specialists can help you prepare by giving assistance and the expert advice you need. Get tax ready and Call Tradie bookkeeping today.