If the end of the financial year rolls around and you start to panic searching for all your paperwork, the following advice may be just what you need.
Confidential Tax & Business Services on Brisbane’s northside have compiled 3 tips for getting your finances in order before tax time.
3 Tips for Getting Your Finances in Order Before Tax Time
If financial paperwork isn’t your most favourite thing to keep in order, we have some tips to stay on top of your finances.
- Always keep your financial information in your accounting software up-to-date on a very regular basis (e.g. weekly). Use a software program platform like Xero so your accountant or bookkeeper can see it in real time.
- Do a Cashflow Forecast Budget for the next 12 months and regularly review this against actuals. CTBS can assist with developing and reviewing this system for you.
- Review plant requirements for the business over the next 6 months and even long-term. Look at what is important that needs updating or replacing.
Plan Ahead for Tax Time
- Time management is one of the biggest challenges business owners face, not allowing them to focus on important things such as keeping their finances in order. A lot of tradies for example, are great at their tradie work but lack bookwork smarts. They need help and that’s where a combination of a great admin, bookkeeper or accountant can assist.
- Using a program like Xero is highly recommended to get on top of things. You can save everything in the cloud and good backup is provided.
- CTBS generally contact our clients from March until June to follow up on their tax planning needs. We have a state-of-the-art tax planning tool that provides great predictions on what our clients will pay in tax for the year and over 40 suggestions on possible ways that they can reduce their taxable income. It helps highlight important issues of what they need to be aware of.
Start Your Tax Planning with A Brisbane Accountant
CTBS are here to help and make your life easier so give our office a call on 07 3267 2111 to arrange a time to have a chat for some advice on what best suits you and your business finances.
CTBS can deliver you expert knowledge and guidance across a broad spectrum of business needs. We provide services in Asset Protection, SMSF Establishment and Advice, Financing, Business Advice & Compliance, Tax Planning and Restructuring.
Whether it be a service directly offered or a referred service such as legal advice, the team at CTBS will be able to provide a solution for your business. Call CTBS today or submit an online enquiry here.