Many small-business owners see the end of the financial year (EOFY) as a busy time during which they need to prepare tax returns for the business and group certificates for employees, as well as finalise sales, do stocktakes, and ensure all financial recordkeeping is in order. The thought of adding another task to that seemingly-endless list can be daunting. However, there is one more important task SMEs need to undertake, and that is business planning.
EOFY is an ideal time to focus on planning for business growth. Whether SMEs intend to upgrade equipment or buy new assets, or simply revamp business processes to increase efficiency, the key is to start planning EOFY activities as early as possible. This ensures the right tax rebates available to the business can be leveraged, reducing the stress of closing out the financial year.
There are six key ways businesses can turn tax time into a growth opportunity:
Shane Blandford, Director of Marketing and Innovation, Konica Minolta