Get ahead for the end of the financial year

June 10th, 2014

Time to prepare your small business for the end of the financial year


With the end of the financial year just around the corner, it's important for small business owners to turn their attentions to what they'll need to do to meet their obligations.

A bit of forward planning can go a long way, research from MYOB shows, as it will alleviate some stress and ensure there's plenty of time to get everything in order.

Will your personal life take a hit?

The figures reveal that 31 per cent of small businesses have worked weekends to meet their obligations in the past, with 20 per cent of them admitting to working past midnight.

Furthermore, 14 per cent had turned down invites from friends, 10 per cent had cancelled holidays and 7 per cent had sacrificed an important family event to get everything done.

Chief Executive Officer of MYOB Tim Reed said spending time looking at small business cash flow and speaking to an accountant can help alleviate some of the stress at this time of year.

"It's tempting to put the books on the backburner, however lack of preparation is often the reason why June 30 fills business owners and their loved ones with dread," he commented.

"With an accountant or bookkeeper as a trusted business advisor, business owners can draw a line under the previous year, and pinpoint their business pain points and key drivers for success."

When do small businesses do their paperwork?

Of the companies polled, 31 per cent said they start preparing their paperwork at least a month before June 30, while 23 per cent do so in the weeks leading up to this date.

Not all businesses are this proactive, however, as 18 per cent admitted to waiting up to a month after the end of the financial year to carry out their planning. The remaining 21 per cent don't start until a month or more afterwards.

If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].