The End of Financial Year is a busy time no matter how large, or small, your business. Preparing your data for the end of year can appear to be a monumental task but with these 5 tips you'll have your EOFY responsibilities finalised in no time!
Review data
Day to day operations can take up so much of our time we forget to review the book until it's almost the end of financial year. Make reviews a part of your regular operations throughout the year, ideally once a month, to ensure there are no big surprises at the end of the year.
Get organised
Your accountant or financial advisor plays an important role in maintaining compliance. Handing them unorganised files a few weeks before the deadline increases the risk of lodging late or unnecessary complications - and your advisor is sure to be none too happy either! Keep your data organised and transparent and consider giving your advisor external access to reports, allowing them to review directly throughout the year.
Back up your data
SMEs can be hit by any number of unforeseen catastrophes at critical times. Fires, floods, even simple power failures! They may be unpredictable but that doesn’t mean we can't prepare.
Store regular backups offsite or through a trusted cloud service to avoid becoming one of the unlucky few who lose their data when it's needed most.
Plan ahead
Still having a hard when it comes to EOFY? Once a new financial year begins, get started right away with a review of your end of year processes. Make a list of your biggest common challenges and work with your advisor to see how you can improve in the year ahead.
Watch our EOFY webinars
Sybiz hosts
free webinars helping you manage EOFY processes, including up to date information on legislative changes that might have a big impact on your business. You can also check out our other free webinar sessions held throughout the year.