• Scorpion Bookkeeping

End of financial year tips for your business

It’s that time of year again where it’s time to get your business finances in order. Here are our top tips to help make is as smooth as possible

Tip 1: Don’t leave it until the last minute

If you’re only focusing on your books once a year, you’ll make the process harder than it needs to be. Ideally, you need to be keeping your books up to date throughout the year.

If you don’t have the time to do that, hire a bookkeeping service to do it for you. It could be the smartest decision you ever make because it will save you both time and money in the long run.

Tip 2: Use bookkeeping software

Bookkeeping software like Xero can help you to seamlessly keep good records that you can use to prepare all the financial reports you need at tax time.

Tip 3: Take steps to minimise your tax

There are plenty of ways that you can legally minimise your tax by maximising your deductions. For example, making super contributions and paying all your upcoming expenses by June 30 if your cash flow will allow it. You can also take advantage of temporary full expensing by buying business assets to both reduce your tax and help your business to grow or operate more efficiently.

About us

Our team at Scorpion Bookkeeping can provide you with cost-effective bookkeeping support services. We service a diverse range of clients in South Australia, New South Wales and Victoria.

We can also help you to implement Xero bookkeeping software to help you to stay on top of your business finances throughout the year. We are a Xero-certified partner.

Contact us today for a free, no-obligation consultation! We’d be happy to answer any questions you have.

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