Here are a few ways to maximise opportunities and navigate challenges effectively, as we get closer to EOFY!

How can it almost be end of financial year! As the end of the financial year creeps upon us ever so quickly, planning and keeping focused on your accounts is critical.  

To help you maximise opportunities and navigate challenges effectively, we’ve jumped into a few key considerations for business owners.

Whether you are new to running your own business or a seasoned MASTER, the end of financial year is a busy time, and organisation is key.

For businesses wanting to maximise their EOFY cash position, the following areas should be discussed and considered with your accountant to see if they are relevant and beneficial in your business; 

• Book a meeting or call with your accountant to see if there is anything you need to action prior to the end of financial year.

• Do you need to purchase any business assets soon? If so, discuss with your accountant as for eligible businesses, the asset may be eligible for an “Instant Asset Write-off” if purchased prior to the end of financial year. There are limitations on what can be claimed so having guidance from your accountant is key on this.

• Superannuation payments, contributions must be paid and received by the super fund before 30 June 2024 to be claimed as tax deductible in this financial year. If you are wanting to pay superannuation before 30 June, please let your bookkeeper know.

• Writing off Bad Debts – let’s face it a few debtors can be difficult and after exhausting all options in recovery of a debt, it may be worth considering with your accountant to write off the debt prior to 30 June 2024. 

• Documentation – ensure any new loans or asset purchases have the required documentation attached to the transactions in your accounting software.

• Ensure all your expenses have been sent to your bookkeeper to take up for the year. This is the time you need to upload your receipts that have been piling in your bag or car!

• The turn around time for finalisation of payroll is quick at EOFY. Take the time to check your employees details and that they are up to date now to save time later. 

We’ve only covered a few areas when it comes to planning and being prepared for EOFY. Start the discussions today with your accountant and / or bookkeeper to see what else you should be considering.

It’s also important to remember, what works best for you and your business hinges on your unique situation, there’s no one-size-fits-all approach to owning and running a successful business!

Get the right Team to work along side you not for you…to achieve these GOALS!