As the financial year comes to a close, many business owners start scrambling to get their numbers in order. But here’s the truth: year-end doesn’t have to be stressful — if you prepare the right way.
Your accountant plays a key role in ensuring your tax filings, financial reports, and compliance obligations are accurate and timely. But to do that effectively, they need your support. Here’s what your accountant wishes you knew (and did!) before handing over your books.
📁 1. Good Recordkeeping Makes Everything Easier
One of the biggest time drains during year-end is sorting through missing invoices, unclear bank statements, or personal expenses mixed with business ones.
What helps:
- Keep your receipts (digitally or physically) organised by category.
- Reconcile your bank accounts monthly.
- Maintain a clean and updated general ledger.
The more accurate your records, the faster your accountant can work — and the fewer questions you’ll get.
🧾 2. Separate Business and Personal Finances
Still using one bank account for both business and personal spending? It may seem convenient, but it makes accounting far more complicated and can increase the risk of errors or audits.
Why it matters:
Your accountant needs to isolate business expenses to ensure accurate reporting and legitimate deductions. Clean separation = clean books.
📤 3. Provide All Documents Early
Waiting until the last minute to send your financial data can delay everything. Accountants juggle multiple clients at year-end, so the earlier you provide:
- Profit & Loss statements
- Balance sheets
- Payroll summaries
- Loan or asset details
…the better your results will be.
📌 4. Plan for Tax Liabilities — Don’t Be Surprised
Accountants can help you legally reduce your tax bill — if they have time to plan. Waiting too late often means missed deductions or overlooked opportunities for deferral or reinvestment.
Be proactive with:
- Superannuation payments
- Depreciation schedules
- Prepaid expenses
A simple tax planning session before year-end can lead to major savings.
📈 5. Use Year-End to Evaluate Your Business Health
Year-end isn’t just a compliance task — it’s a chance to check in on your financial performance. A good accountant will help you:
- Spot trends in revenue and expenses
- Improve cash flow
- Set realistic goals for the new year
Insight leads to smarter decisions.
✅ Final Thoughts
Your accountant is your financial partner, not just a tax-filer. With the right preparation, year-end becomes an opportunity — not a burden.
Want help getting your books in order ahead of tax season?
Let’s simplify your year-end together.
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