The beginning of the new financial year can be a transformative time for SMEs in terms of reviewing finances and making important business decisions about the year ahead. However, many SMEs dread tax time, often due to the large volume of expense receipts, invoices, payroll data and income information that needs to be searched for, sifted through, and added up.
This doesn’t have to be the case. SMEs are increasingly taking up automated spend management platforms that store and process a variety of expense data throughout the financial year, making it easy to locate and review come tax time. If not already done, SMEs should invest in the latest technology to streamline and automate the finance function, remove manual work, and make time and resources available for growth.
Having all finance and payment data digitally viewable and stored in one accessible, secure, and mobile-friendly place can help SMEs and their employees easily and efficiently complete tax returns, without needing to chase up missing files. Accurately filling out tax documents also means SMEs won’t be liable to pay more tax than they rightfully need to.
Automated invoice and expense management tools can help SMEs prepare for the new financial year in the following four ways:
Falling behind in tax obligations holds SMEs back on their growth journeys, and can open up tricky situations when it comes to tax and reporting compliance requirements. Digital expense management systems can help SMEs ensure they’re prepared for EOFY duties, as well as ready to responsibly and smartly manage a host of new finance data.
Fabian Calle, General Manager – SMB, SAP Concur ANZ