We get it. For any business, the EOFY can be stressful. It sneaks up on you and, before you know it, the deadline is days away and your records are all over the place. You weren’t prepared.
Not this year though. If you remember these three simple steps, Make It Cheaper can help your business not only keep up to date with the legal and financial obligations of this time of year, but minimise your outgoings moving forward. With a million things to consider, it is important to maintain focus and prioritise the important stuff. Follow these steps and Make It Cheaper will keep your business on the right financial track.
1. Check what you need
The tax landscape is subject to change, and just because you paid a certain amount last year does not mean you will pay the same this year. Check for any tax changes, and consult your financial adviser if you have any questions. Aussie businesses can also be targeted in tax scams at this time of year, so watch out for any suspicious emails or text messages claiming you have overpaid or underpaid on your taxes.
Checking what you need also includes your insurance policies. Does your current policy still cover you? Are you on a competitive insurance rate? Have your circumstances changed in the last year? Going over your records for the last year will also help you recognise which expenses you can claim as business deductions at the EOFY.
2. Organise your records
Now that you know what you need, it is time to organise what you have. Keep on top of your bookkeeping and ensure that all records are up to date. Remember that all businesses MUST keep a record of all financial transactions, along with any supporting documentation. Make digital copies of all physical records you have to back them up. Once you have these, it can also be hugely beneficial to keep a summary that details all income and expenses. Make sure that any data relating to customers or clients is secure, organised, and easily accessible.
Reviewing all of your financial transactions might also help you understand if there are any operational or CAPEX cashflow challenges. Is it time to consider a loan to help your business get to the next level?
Putting a structure in place and keeping order will make it easier to address the upcoming, and any future, EOFY.
3. Get a FREE energy comparison
If you have organised what you currently have, it is time to look at what you could have. The EOFY is a great time to take stock of your assets and analyse if aspects of your business could either be streamlined or improved. These changes could be wholesale –such as restructuring or redesigning the business- or subtle –like cutting some unnecessary expenditure. Regularly reviewing your business is a great way to keep on track and ensure you reach your targets.
Any review of your SME should include the energy contract. Energy costs are regularly forgotten, but are a major financial drain. Check Make It Cheaper’s free energy comparison service to see if your business is paying too much for your energy contract. Just as the tax landscape is subject to change, so too is gas and electricity. A lot of these changes fly under the radar, so check our free energy comparison service now for any EOFY energy deals and minimise your energy costs.