Yesterday, RACCA Australia published an article on Konica Minolta’s and FM Magazine’s EOFY preparation tips.
MYOB have also offered tax time preparation tips for business owners.
MYOB have published an article offering six tax time preparation tips for business owners. Their article emphasises that many business owners “find themselves in a mad panic rush right at 30 June.”
Their six tips are: reviewing payroll records, reconciling payroll accounts, finalising the payroll for the year, beginning EOFY tasks, updating software and connecting with accountants.
The reviewing payroll records tip emphasises the importance of having employee records in order so payment summaries can be completed correctly. The tip emphasises that an employee’s full name, current address and tax file number must be on record. The tip also reminds business owners to have termination dates recorded for any employees that have stopped working for them during the year so their payment summaries are correct.
The reconciling payroll accounts tip focuses on reconciling payroll reports to profit & loss statements and balance sheets and provides a step-by-step guide on how to do so.
The finalising the payroll for the year tip focuses on reviewing bank statements to make sure all transactions are recorded and balance. The tip also recommends certain reports that should be digitally stored.
The beginning EOFY tasks tips provides a list of tasks that business owners need to complete before EOFY such as reconciling and reviewing accounts.
The updating software tip includes links on how to update MYOB software and the connecting with accountants tip emphasises on making arrangements with the business accountant so that they can review the financials.
MYOB’s tax time preparation tips can be read in full here.