Taking stock of accounts.
Ah yes, it’s that time of the year again: 30 June. End of the Month, End of the Quarter and End of the Financial Year all in one.
Having worked in an accounting firm for several years, Australian tax dates are hard-wired into my brain. But after all those years of chasing companies for tax documents and reminding clients of impending dates, I am now on the other side of the fence.
30 June 2012 will be the first return that I have filed as a business. And now that I am running a company of my own, I am starting to understand more and more why a lot of our clients were always late with their tax documents. The pressures of generating an income are far greater than documenting one!
However, I am determined not to become one of ‘those’ clients. And fortunately tax time needn’t be as taxing as it sounds. All it takes is a little preparation and organisation.
With the new tax year suddenly in full swing, now is the perfect time to put processes in place for 30 June 2013. Of course it goes without saying that a good accountant is a must, but it is your responsibility to be informed and ask questions. Be aware of the taxation requirements for your business.
Plan ahead, file paperwork as you go, keep on top of things like receipts and update records (such as outgoings) month-by-month.
Keeping track of documents as you go through the year saves the inevitable procrastination of having to deal with everything all at once. If you let things pile up, it only makes things more difficult in the long run.
And if that sounds like too much work, then that’s exactly what I’m here for!