The end of the financial year (EOFY) is here, and as such, a lot needs to be done in preparation. If you approach the season with all your finances in order and all your prep done, you can save yourself a lot of money and trouble in the long run.
Here are three accounting tips that will help you end the financial year successfully and ensure that your potential investors are impressed with your performance for the last 12 months.
1. Keep your records up to date
While this may seem obvious, many of us can become lazy with record and data upkeep. If all of your records are kept up to date throughout the year, you can cut back on a lot of piled-up work come June. Additionally, remember to keep records of all your purchases and list down all of your outstanding debts.
2. Do thorough research on tax deductions
Depending on your business, you can likely earn tax deductions on a lot of business expenses you incur. Make sure to research the different tax deductions that might be applicable to your business, including deductions on travel expenses, motor vehicle expenses, and the use of machinery and computers.
3. Hire an accountant to manage your finances for you
If you’re a growing business, don’t underestimate the amount of help and support an experienced accountant can offer you. We suggest hiring an accountant to take care of the finances for you so that you can focus more of your energy on other aspects of your business.
Whether you are looking for the best accountant in Melbourne, other accounting services, the latest news and advice on business accounting, financial tips for small businesses, and more, get in touch with Opulent Accountants. We aim to serve our clients better and help them keep up with the latest news.