Really Tax time again!!
I want to flip this attitude on its head.
I get it, tax and record keeping are a business's legal obligation - so it's a must, but we don't often acknowledge the benefits.
You all love buying new vehicles and tools for your business - well, news flash - your bookkeeping, accounts, tax, and the management of these are other business tools you need to be successful and reach your goals.
Tips to Prepare For Tax Season
- Ensure your Tax Agent and your bookkeeper (BAS Agent, if they are a contractor and not employed) are registered. This ensures industry standards are met. Search here:https://www.tpb.gov.au/public-register. This also goes for any financial advisor. Search here: https://asic.gov.au/for-finance-professionals/afs-licensees/financial-advisers-register/
- Clean up your accounting software - no more excuses - the benefits are enormous. Not only more accurate and meaningful reporting, it saves you money. It costs more to investigate a problem than to do it right today.....it's the same with your work, right?!!
- Get up to date - invoicing, billing, bank reconciliations..the more often we do this, the faster. The more efficient we become, you can get on with driving your business or, better yet, some time for you.
- Tax planning - doing tax does not only need to be about lodging what's already happened; it's the best opportunity to look forward and make plans that align with your goals. How many people are surprised when they get a tax bill? Hey, if you are paying tax, you must be making $$$.
Share your tips with the UpScale Mighty community - we would love to hear them.
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NB: no AI was used in this article.