20 Jun 5 tips to put you in the driver’s seat for Tax Time 2018 with Squirrel Bookkeeping
Whoa! It’s June already!
With 30 June fast approaching, Squirrel Bookkeeping looks at 5 helpful tips for small business owners to prepare for a stress-free tax season.
1. Contact your bookkeeper and accountant early. Schedule some time to discuss your business and understand what is required from you. It’s a busy time – get in early to be at the top of their list.
2. Review your books and investigate any unresolved issues and transactions from the year that was. Call the bank, touch base with suppliers and catch up with customers. Put in the work now to get these items squared away.
3. Get the cash flowing. Don’t be shy about calling customers who have outstanding invoices. Jump on the phone and have the conversation. It might be a quick fix or something complex. Either way, being proactive gives you the greatest chance to get those dollars in the bank.
4. Look at your unpaid bills. Build rapport with your suppliers by paying on time. When it comes time for price reviews, it will be an easier negotiation with a credible payment history. Value goodwill – it is highly under-rated.
5. Take a small business health check – and make it a habit. Step back and have a really good look. Set yourself up for a successful new financial year by evaluating all areas of your business. Make a list that’s right for you and review it regularly.
Need help with your bookkeeping and EOFY planning? Contact Squirrel Bookkeeping. We’d love to help you.