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EOFY: Top tips to ensure you are prepared for Tax Time

June 30 always seems to sneak up on us doesn’t it? There’s a lot involved in preparing your business documentation for the end of financial year.

The Australian Taxation Office will be expecting your return between July – October 31 2015, and employees will be expecting their payroll information ASAP. It’s not too late to get your business ready for tax time, even if you’ve done a poor job of record keeping so far.

1. MONITOR BANK TRANSACTIONS CLOSELY

According to a 2014 member survey from the Institute of Public Accountants and MYOB, 65% of business operators miscode bank statements. If most of your entries have already been made, it’s not too late to incorporate a software tool to help you catch errors. Accounting software should have built in controls to ensure that data is accounted for correctly, within an easy-to-use interface.

2. STAY ORGANISED AS YOU GO

According to the same research, it is estimated that 58% of business managers fail to keep up with their accounting and business statements on a regular basis throughout the year. One of the main reasons business people run into trouble is the fact that they are disorganised or simply don’t know where important records are.

This is where choosing the right business management and accounting software can really make a difference. Intuitive and user-friendly software (like MYOB Exo!), which can integrate the accounting function with other business management functions (like sales, stock, point-of-sale, payroll, field management etc.) means less work for you as these functions will communicate with one another and keep your accounts up-to-date.

3. EVALUATE GST LIABILITY

You may need to change your GST net liability for a reporting period. Business owners can increase or decrease adjustments, depending on their circumstances. MYOB Exo can help you evaluate your situation and ensure compliance.

4. PAY ATTENTION TO SUPERANNUATION

If you have to make superannuation payments for your staff, paying them in June will ensure that you can deduct them in this fiscal year. An advanced accounting software program can help you avoid exceeding your personal contribution caps.

5. RESPOND TO REQUEST FOR ADDITIONAL INFORMATION AS QUICKLY AS POSSIBLE

Around 49% of business owners fail to report or update information when it is asked for. Take care of any “loose ends” and tie things up as fast as you can.

6. CONSULT A PROFESSIONAL

If your paperwork is not quite ready to file, it’s still a wise decision to sit down with an accountant who can assist you with planning and strategy. If your records for this year are not up to date, business data from prior years can give your accounting professional a glimpse into your finances. Accounting software ensures that prior year records and returns are easily accessible at tax time.

7. GET THE BIG PICTURE

Don’t look at June 30th as tax time, look at it as a time to analyse your business, and your financial future. Enterprise accounting software will not only help you with last minute tax details, but it will give you a glimpse into other important details, such as insurance, investments, and retirement planning.

8. LEARN HOW YOUR ACCOUNTING SOFTWARE CAN MAKE THINGS EASIER

Smart business software keeps up with facts and figures that you might forget otherwise. No one can remember all of the facts necessary to keep up with the intricate accounting details of a busy office. However, 46% of business managers are not able to use the software they choose with a high level of functionality. This can defeat the purpose of having tax or accounting software in the first place!

At Horizon Business Systems we have MYOB EXO & MYOB Advanced Consultants, who can work closely with your team to deliver customised training and support.

Automated and fully supported ERP systems – such as MYOB Exo and MYOB Advanced – offer reporting and compliance functionality for business owners and managers to confidently make decisions and forecasts to ensure successful financial management and the ability to seize market opportunities.

Horizon Business Systems offers the perfect combination of expertise and service to ensure that your business is ready to handle tax season, every year!