With the end of the financial year right around the corner, every small business is in a rush to complete essential tasks like bookkeeping, tax returns, BAS returns and planning for the new financial year ahead. With Australia introducing JobKeeper to help small businesses sustain their workflow while paying their employees, taxes, and bookkeeping is not a layman’s game anymore.
Hiring professional services through accounting firms can be of great help in juggling JobKeeper declarations along with normal EOFY workflow for small businesses. An accounting firm would make sure all your essential tasks are completed in time for the EOFY.
Here are the top three reasons why small businesses should consider hiring services from a tax accountant in Melbourne.
Getting Your Paperwork Up To Date
The best way to streamline your EOFY process is to get your paperwork up to date. A small business accountant Melbourne would help you in doing so by collecting your financial records in one place and checking them for any tax deductions and concessions you can claim.
As it is necessary to have legitimate records to prove the expenses you claim as business deductions, your accountant will make sure records concerning activity statements and tax returns are available.
Online Accounting Tools
Fortunately, online accounting tools have simplified the times of EOFY. Your accountant would introduce you to reliable and efficient online accounting tools to help capture all your business expenses in one place.
Online banking is a great step for a small business as you will gain access to tools for everyday business activity. These tools have information gathered for tax returns automatically by the EOFY, and your small business accountant Melbourne would access them to complete the process in no time.
Covid19 Relief and JobKeeper
The year 2020 brought many changes in our lifestyles and our routine tasks. Hence, even accounting and the way people know how to do their taxes has changed. In such circumstances, it is better to have a professional tax accountant helping you understand these without putting your small business on the line.
For instance, the JobKeeper payment option and other COVID-19 relief options may impact many small businesses’ EOFY tax situation. An accounting specialist would remember to report it rightfully.
Contact Opulent Accountants today to get your tax returns sorted in time for the EOFY!