Managing End Of Financial Year Stress

The scariest and often most stressful time of year is upon us. Add on the horrible weather and gloomy attitudes and it’s a recipe for office sadness and disorder. In order for your business to have a stress-free and exciting end of financial year, try some of these tips.

6 Steps to success:

  1. Remember: It all begins where you start. At the start of every new financial year, the best way to begin is ahead, ensure you have a good system, structure and filing system. We recommend that you keep a digital copy of everything, for ease and as an insurance policy to know you have a backup - should the receipts end up in the shredder a little too early. Keep all files organised on your computer, as these can get out of hand very quickly if not stored in month/year folders labelled accordingly.

  2. Claim, claim, claim: Expensive items such as new systems, computers etc. should be added to your tax-refund. Talk with your accountant about what they need from you. As a rule of thumb, always keep receipts and pay things on a company card for a digital record of your spending.

  3. In today's society it can be easy to be caught up in the moment and forget to keep paperwork, tax invoices or ask for the tax receipt. Unfortunately, if you want to keep a record you need to make a point to ask for these things, this will keep you out of trouble later and make it easier for you to find documentation your accountant may ask for.

  4. Take this time to update your employees details and ensure super, bank accounts and any other details are all up to date.

  5. Bring forward any expenses and now is the time to make purchases that you may need to make before the end of the year. Order more business cards or flyers, new computers etc. Now is the time to get your office in order. Make any large stationary orders too, these are often the things we forget about.

  6. Breathe deeply and encourage others to take a break from the stress of it all. A group meditation or walk around the block works well to clear the mind and decrease stress levels, making the office a nicer place to come into.

As it is such an important time for all businesses, the key to success is being organised, having clear communication pathways and a great team of accountants from the get-go. Utilise good systems and processes each EOFY and you will be sure to have a smooth sailing time.