Is this you?
Did you spend the weekend stuck inside or at the office struggling to get your paperwork under control?
Are you frustrated with manual systems that just have you tied to the desk?
Do you hate your numbers?
Do you know who you owe money to?
Would you rather
- Have your time back to “catch em all” and enjoy quality time with your loved ones?
- Love your numbers?
- Control your cashflow?
Many small-business operators are making significant personal sacrifices over and above running their day-to-day business, making EOFY not only stressful but a period where meeting their EOFY obligations is eating into time that should be spent on working to achieve business results.
In the lead up to 30 June 42% of SMEs are working weekends – up 5% from the previous year – and a further 26% are working after midnight to meet their EOFY obligations.
We also found that a large proportion, 35%, of operators don’t make a start on their EOFY paperwork until after the end of June.
While it’s easy to put the extra work on the backburner, there are several actions small business owners can take to ensure they aren’t caught out at tax time. By starting early as well as seeking out help from their advisers or using accounting software, SMEs can save a great deal of personal time and stress further down the track.
This is one of the most important administrative activities of the business year and getting it right can mean the difference between business success and failure.
Cape Diem – 5 Step Plan
Start the new financial year with a clean slate. Don’t be a statistic next financial year end. Taking action now will mean you are well prepared and ready for EOFY and will also give you back the time you crave and peace of mind.
Here’s a five step plan to help you seize the day/time
- Investigate accounting software if you’re are still working on Excel spreadsheets or the dreaded shoebox. MYOB has a number of solutions such as MYOB Essentials – small and micro business web based software, low cost, bank feeds, invoicing, supplier document capture are just some of the benefits.
- Speak to or find an MYOB Partner to get you setup correctly provide training or free up valuable time by outsourcing your bookkeeping to a registered BAS Agent – a serious investment at the start of your journey will save you time and money later on.
- Investigate online document storage solutions such as Shoeboxed – get organised, go paperless, integrate with your accounting software software.
- Look at your systems and procedures. Ask yourself is this still working for me? How could I save time? Speak to advisors or business colleagues to see what alternatives may be on offer to save time and money.
- Look at your technology. Should you update? Do you need to be mobile? Look at integrated solutions such as O365 from Microsoft.
A Final Word
It does not matter how slowly you go as long as you do not stop
Director, Love Your Numbers
About The Author
A self-confessed "geek girl", Leanne is driven both by numbers and technology, and how the two elements can work together for the good of a client's business. She thrives on problem-solving and encourages and assists clients to derive more from their accounting and other integrated software and systems. She loves your numbers, while you love your business.
Leanne is an MYOB Gold Partner, Xero Silver Partner and a Fellow of The Institute of Certified Bookkeepers. She is passionate about using the best cloud accounting tools, add-ons and platforms to ensure her clients are maximising their time, systems and processes.
A social media "junkie", Leanne is always investigating new ways to use these online platforms for the benefit of her business, other bookkeepers and her clients. Beyond bookkeeping, Leanne is an expert business mentor, trainer and facilitator.
In her spare time, Leanne develops and writes MYOB training manuals for Software Publications. These manuals are used throughout Australia for the Certificate IV in Financial Services (Bookkeeping) & (Accounting). When not working, Leanne enjoys spending time with her daughter Brodie and her beautiful golden labs Bella and Cooper.