As the end of the financial year approaches, trade and service based business owners like you are likely preparing for another round of late nights, piles of paperwork, and hours spent reconciling accounts before finally filing and breathing a sigh of relief. If you've been in business for some time, you understand the stress that comes with each new financial year. Whether it's dealing with outstanding invoices or sorting through stacks of receipts, the pressure mounts quickly with a looming deadline. Amidst the hustle of completing your taxes, you've probably made a solemn vow to make things easier next financial year. Thats when Rock Solid Marketer comes in.
That's why we're here to show you one of the simplest and most effective ways to streamline EOFY reporting: going digital and incorporating a job management software package into your business before the next EOFY. Job management software isn't just for automating business operations; it's also a valuable tool for collecting and storing critical business data, making it a lifesaver come tax time. This blog will highlight four features of our job management software, ServiceM8 and discuss how each one can help lighten the burden of tax time.
If your business has not yet implemented end-to-end job management software, the process of preparing for the end of the financial year (EOFY) may be overwhelmed with paperwork.
Here are some essential tips to streamline and ease your EOFY reporting:
1. Go Paperless: Reduce paper clutter by adopting digital job management software.
2. Asset Management: Maintain precise records of asset depreciation and expenses.
It's crucial to keep track of your assets for your daily business operations. However, during tax time, having accurate information about your assets becomes even more important. Without proper record-keeping, you may find yourself sifting through paperwork and getting frustrated. ServiceM8 asset management feature serves as a digital record of your assets and all the associated details from the moment they are added to your system. This ensures accurate records of depreciation and expenses for tax purposes.
3. Purchase Orders: Digitally organise your documents to facilitate easier deductions.
Claims for deductions are a crucial aspect of the tax process for trade and service based businesses. The level of organisation in your documents determines whether you receive the full amount you are owed. No professional wants to realize that they could have claimed more after their tax has already been submitted.
4. Automated Timesheets: Utilize digital tools for accurate tracking of employee hours and payroll.
If only handling personal and professional tax responsibilities made tax time simple. However, for businesses with employees in any role, keeping salary and wage information accessible is vital for tax reporting during the EOFY.
5. Inventory Management: Streamline stocktakes through integrated inventory tracking. Incorporating these suggestions can help save time and reduce stress.
If your trade business manages and uses stock, then aside from tax time, you probably dread the inevitable EOFY stocktake. Creating a current inventory list manually typically entails sifting through boxes, writing down stock, and discovering that you either have significantly more or less stock than anticipated.
Want a smoother EOFY process?
Be sure to call Rock Solid Marketer on 0493 419 306 or email us at rocksolid@rocksolidmarketer.com.au.
コメント