3 Lessons from EOFY

Finally, the busy tax season for Australian businesses is over! Even though accountants and business owners are still trying to work through a busy time now June has passed there’s the opportunity to grab drinks, and reflect with those around your business. Even so, there’s things we can do now to reduce the financial year-end stress cycle continuing.

  1. Get ready ahead of time

    Whether it’s implementing new software, tools, or hiring staff, we’ve found that businesses that are able to plan and embed these strategies well before the year end rush have time to focus on the important things when the busy time arrives.

    The earliest time you can get ready was yesterday, next is today, and the latest is tomorrow.

  2. Digitise or automate (wherever you can)

    Technology – that is, utilised technology – can do wonders for your business! Automating certain processes within your business will save you hours that can be otherwise dedicated to value-add functions.

    As an example, now that Single-Touch Payroll (STP) has been mandated and with Australian businesses realizing benefits, more and more business owners are thinking about what else they can automate or what other technology can do for their business to reduce the administration headaches that come with year end.

  3. Ask for help

    Asking for help is not something to be ashamed of! There are great experts out there who are more than willing to give advice and help you in driving performance and results from your business, and this isn’t just your accountant. You can also get in touch with other likeminded business owners through professional networks suitable for your industry and business size. Having external insights gives you fresh perspectives and can help you further plan for busy periods.

    The last end of financial year might have been a tough one, but that doesn’t mean the next should be!