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Creating a Stress-Free End of Financial Year with Beaumont People

Creating a Stress-Free End of Financial Year with Beaumont People

about 2 years ago by Lauren Markovski

Rcsa People's Choice Award 2019 (3) Min

Creating A Stress-Free End of Financial Year With

Beaumont People

 

End of Financial Year. These four innocuous words are enough to strike fear into the heart of even the most astute business leader.

Recent research from Xero shows that 52% of Australian small business owners view tax time as the most stressful time of year, with higher workloads and tighter deadlines taking their toll.  

But EOFY shouldn’t fill you with dread. All it takes is a little preparation and some expert assistance to sail through tax time like a pro.

 

What needs to be done for EOFY?

Tax requirements vary between business size and type but will include some, or all, of the following:

 

  • Payroll and superannuation – reconcile payroll and superannuation before issuing payment summaries to employees - which must be lodged with the ATO by 14 July. If you have a Single Touch Payroll (STP) setup already, you may not need to file PAYG payment summaries. Sign off your Single Touch Payroll (STP) data and send it to the ATO at the end of the financial year.

  • Debtors and creditors – chase up any outstanding customer payments or write them off as bad debts if you need to.

  • Stocktake – you must conduct a stocktake if you sell stock and your business turnover is more than $10 million.

  • Profit and loss – create a current statement of all sales and expense items for the year.

  • Asset purchases – a register of asset purchases is important to calculate depreciation expense claims and for capital gains tax purposes.

  • Income tax return – businesses must lodge a tax return with the ATO. Due dates vary depending on lodgement options.

  • BAS statement - if you are a business registered for GST you must lodge a business activity statement.

 

It’s advisable to seek advice from a certified practising accountant to ensure you meet your specific obligations.

 

Make EOFY run smoothly

Your to-do list may seem overwhelming at first, but three simple steps will have you ticking off your tasks with confidence.

 

Step 1: Start early  

Preparation is the best defence against the tax time blues. Collate your paperwork as early as possible. Don’t wait until half way through June to begin. This will cause panic and put pressure on yourself and your staff. It may even result in missed deadlines.  

 

Step 2: Plan for the coming year

While the end of the financial year is typically associated with numbers and reports, it’s also a great time to review the previous year and set goals for the coming year.

Ensure you are up to date with any new regulations, laws and software. Consider what worked well last year and what didn’t, and set goals based on your business ambitions. Planning now will reduce time at the end of the next financial year.

 

Step 3: Recruit temporary employees

End of financial year recruitment should be a top priority to ensure your business continues to run efficiently during this peak period. Hiring temporary staff eases the strain on permanent employees and allows them to continue their usual responsibilities that grow and develop your business.

Qualified and experienced temporary employees can generally hit the ground running, with minimal training, and bring new ideas and knowledge. Temps provide high value to your business without the lock-in contract, saving you money and time.  

Temporary employees can take many forms at this time of year but are especially useful in accounts and finance, reception and even sales and marketing.

We specialise in providing the most qualified and experienced temporary staff available to help manage your EOFY preparations. Specific areas include:

 

  • Supporter Care

  • Donor Administration

  • Campaign Support e.g. Tax appeals

  • Accounts Payable Membership support

  • Assistant Accountant

  • Executive Assistant 

  • Admin Assistant

  • Credit Controller

  • Customer Service

  • Financial Accountant

  • Management Accountant

  • Interim Finance Managers and Financial Controllers

  • Interim GMs and CEOs

  • Data Entry/Administration

 

Contact us to discuss your needs.

 

*This article provides general advice only and you should always seek expert advice before making financial decisions.

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