Home – New Forums Money matters EOFY is coming – are you ready?

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  • #982918
    Sid@AbbyPractice
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    Evening all,

    EOFY is literally just around the corner now!

    I’m wondering how many of us are guilty of dumping a shoebox full of receipts on our accountants at tax time? Or have you found an easier way to manage your tax requirements?

    Please feel free to share.

    Thanks,
    Sid

    #1139607
    YourBizMadeEasy
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    That is a very familiar story! We get shoeboxes, plastic sleeves, and even car boots full of receipts that have been stashed away.

    This is usually because people are on the go and don’t have a proper filing system for loose receipts. We suggest to our clients that they take a photo of their receipt and upload it to a Dropbox folder that we share with them. This has worked really well for them…and us!

    #1139608
    Mark Jeffreson
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    The shoeboxes and manual records are thankfully mostly just a bad memory for us. Our more business-savvy clients have transitioned successfully to electronic record-keeping and not looked back.

    There are so many user-friendly and affordable accounting systems around these days that do away with clutzy, time-consuming and therefore expensive record-keeping practices. All we ask is for these to be reconciled before sending to us, and end-of-year accounts processing is easy and therefore inexpensive.

    But EOFY is much more than that. Businesses should be thinking about tax planning as 30 June approaches and what strategies may be available to legally minimise or defer their tax obligations. If they haven’t heard from their tax agents and advisors before 30 June, first job on the list on 1 July should be to look for new ones.

    Cheers
    Mark

    #1139609
    Sid@AbbyPractice
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    YourBizMadeEasy, post: 159971 wrote:
    That is a very familiar story! We get shoeboxes, plastic sleeves, and even car boots full of receipts that have been stashed away.

    This is usually because people are on the go and don’t have a proper filing system for loose receipts. We suggest to our clients that they take a photo of their receipt and upload it to a Dropbox folder that we share with them. This has worked really well for them…and us!

    Taking a photo of receipts is a great idea! Aren’t there some handy tax smartphone apps that do that now too?

    #1139610
    Sid@AbbyPractice
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    Mark Jeffreson, post: 160119 wrote:
    The shoeboxes and manual records are thankfully mostly just a bad memory for us. Our more business-savvy clients have transitioned successfully to electronic record-keeping and not looked back.

    There are so many user-friendly and affordable accounting systems around these days that do away with clutzy, time-consuming and therefore expensive record-keeping practices. All we ask is for these to be reconciled before sending to us, and end-of-year accounts processing is easy and therefore inexpensive.

    But EOFY is much more than that. Businesses should be thinking about tax planning as 30 June approaches and what strategies may be available to legally minimise or defer their tax obligations. If they haven’t heard from their tax agents and advisors before 30 June, first job on the list on 1 July should be to look for new ones.

    Cheers
    Mark

    I absolutely agree Mark. EOFY is the perfect time to plan ahead and strategise. Especially if that means saying good bye and an inattentive tax agent in favour of a more efficient and attentive alternative!

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