31 May Top Tips to get you through the End of Financial Year
The end of the financial year is a time that many businesses dread. It can be stressful, confusing, and time-consuming to prepare all the necessary documents and get everything in order. However, with a little bit of planning and organization, you can make the end of the financial year a breeze. And, with the help of EzzyBills, you can streamline your bookkeeping and save even more time and energy.
Here are some tips to help you prepare for the end of the financial year:
1. Start early
Don’t procrastinate until the last minute. Start preparing your documents and records well in advance of the deadline. This will give you plenty of time to sort through everything, double-check your figures, and ensure that everything is in order.
2. Import everything
Organization is key when it comes to preparing for the end of the financial year. Make sure all your receipts, invoices, and other financial documents are sorted and imported into your accounting software. You can use EzzyBills to completely automate this process by scanning, e-mailing, or photographing your receipts. This will make it much easier to find what you need when the time comes to start preparing your tax return.
3. Keep business and personal expenses separate
This is especially relevant for smaller businesses where most of the purchases are made by the business owner. Spend personal money on personal cards and pay for business expenses on your business cards. This will make it much easier to identify your business transactions for tax purposes. (It’s probably also helpful to keep business and personal time separate, but that’s a topic for a whole other post!)
4. Make sure all expenses are signed off on
The last thing you want before the tax return is submitted is to realize that one of your employees purchased a part for the company ute without you knowing about it. With EzzyBills, employees and contractors can take a photo of any invoices or receipts as soon as they are received and have the software automatically send an e-mail to management for approval.
5. Consult a professional
If you’re not sure where to start, or if you’re feeling overwhelmed by the process of preparing for the end of the financial year, consider consulting a professional. An accountant or bookkeeper can help you navigate the process and ensure that everything is done correctly.
With these tips in mind, you can make the end of the financial year a breeze. And, with the help of EzzyBills, you can take your bookkeeping to the next level and feel confident about having your data in your accounting software, ready for the accountant to review.
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