Xero has recently released research on Australian small-business owners’ attitudes and feelings towards their end of financial year (EOFY) reporting and compliance requirements.
Contrary to popular opinion that it’s a difficult time of year, Xero’s research found small businesses had a mostly positive outlook, with the most prevalent emotions being pride (43 per cent) and joy (21 per cent). Only one in eight small-business owners (12 per cent) cited panic.
The survey revealed that most small businesses (80 per cent) used EOFY to sum up their business’s achievements, with the majority (78 per cent) also using this time to self-reflect on whether business objectives had been achieved in the past financial year.
Matthew Prouse, Head of Industry at Xero, said that while managing EOFY and tax time, could be overwhelming for some business owners, it wasn’t purely a time of stress.
“For most small-business owners, EOFY is a positive time – a time for review, reflection, and refreshing the outlook for the new financial year ahead. But if you’re feeling stressed about all of the paperwork required with tax time – you’re not alone. I’d look at it like a reminder to book an appointment with a registered BAS or tax agent.” Prouse said.
Prouse added that the research also revealed some helpful insights from small-business owners on how they manage to get through tax time with a spring in their step.
“Our research polled many small-business veterans who’ve been doing what they love for more than a decade, and their perspective on tax time could be invaluable for business owners who are just starting out,” he added. These tips include: