How to cope with EOFY without exploding
Busy busy busy. This time of year is a real calorie burner for small business owners. But we all must go through the process of course to remain compliant with the ATO and continue our trade.
So how to get through it without exploding into a mist of stress?
1) Get chummy with your bookkeeper early
This is an easy win that many leave too late.
Get in early and have a chat to your adviser. There will be new things to learn, like the various new tax schemes that will impact your EOFY. The experts have this covered and they exist for this type of work so make sure you take the guess work out and reduce the headache as you reduce your tax requirements.
Be mindful of how buy this time of year is for the bookkeeping profession, so get it done early while they have a less busy schedule and more time to focus on you.
2) Get across STP now
Are you aware of Single Touch Payroll? You should be. Have you prepared for it?
It’s now time for everyone who employees people to report your payroll digitally – direct to the ATO preferably through STP enabled accounting software. Your head will swell considerably if you forget about this coming up to EOFY.
What can you do if you have no idea about STP? We have you covered with the most comprehensive set of resources, solutions and information right here. We also have the market’s only top recommended FREE STP app.
3) Take advantage of software
Massively reduce stress and wasted time by fully exploiting your accounting software to take the grunt out of your EOFY preparations.
Your Reckon One suite is there to shine this tax time. Easily report on and keep records for GST, BAS, payroll, super, bank records, business expenses, sales etc etc. If you have been using your cloud accounting software properly throughout the year, you will have little to stress about come tax time.
4) Sleep diet and exercise
I’m going to keep this one short – you will reduce stress considerably by simply sleeping well, eating properly and integrating exercise into your week. It almost sounds like a cliche at this point but this trinity really is the true basis to your mental capacity and ability to cope with high pressure situations.
5) Make sure you anticipate EOFY
What do we mean? Firstly you should have funds set aside, with overflow allowances, to manage your tax bill. Your head will explode if you haven’t been putting away in a separate account each year.
Furthermore, you should anticipate EOFY by getting your records in order. Make sure your receipts are in place and your account data is ready for review by your adviser. Reconcile your accounts and have your bank statements and invoices available for review.