Wednesday 5th June 2024

Closing the Books

Closing the Books

As the end-of-financial-year looms, it’s time to get your financial ducks in a row. Proper preparation can help you reduce stress, optimize tax returns, and comply with regulations. Here’s a condensed guide to sail smoothly into the new fiscal period.

Review and Record
Kick-off with a thorough review of your financial performance and ensure that all transactions are documented correctly. It’s also an ideal moment to follow up on any outstanding invoices.

Organize Documentation
Accuracy is key, so update and organise all your financial records, including receipts, bank statements, and invoices. Consider using digital tools for better efficiency.

Deductions and Expenses
Look for opportunities to maximise your deductions by identifying any eligible expenses. Remember, you’ll need evidence of these expenditures to make a claim.

Seek Expert Advice
Tax laws are intricate. Consulting with a professional can provide personalised advice, helping you to navigate complex tax matters and plan for the next financial year.

Future Planning
EOFY isn’t just about closing books; it’s a pivotal time for financial strategising. Set goals, budget for the future, and stay alert to any legislative changes that might affect your finances.

Contact us today if you would like to talk further about funding.