Save time and money this tax season: Here are a few tips to help you get started

Save time and money this tax season: Here are a few tips to help you get started

When it comes to end-of-year accounts, the last thing you want is to find yourself scrambling around your office at the last minute trying to find answers to all of your accountant’s outstanding queries

The end of the year is a busy time for most businesses, and this can make it difficult to stay organised.

However, taking the time to tidy up your office before your accountant arrives can save you time and money in the long run.

Here are a few tips to help you get started:

1. Collect unpaid invoices

Unpaid invoices can easily slip through the cracks and cause unnecessary chaos at year-end. Now is the perfect time to send out reminders and follow up on any outstanding payments. This will help ensure your accounts are accurate when it’s time to reconcile them.

2. Record all business expenses

All business expenses incurred throughout the year are tax-deductible, so make sure you log any and all purchases that your business has made. This will help improve accuracy when filing your taxes.

3. Create an inventory

Make sure you have a detailed list of all of the assets in your office, such as equipment and furniture. This way, you can track any depreciation in their value over time and make sure your accounts are up-to-date.

4. Organise paper documents

When it comes to putting together your business statements, it’s essential that you have a clear view of your incomings and outgoings. To do this effectively, it’s important to keep a thorough set of paperwork on hand.

This includes copies of bank and loan statements, invoices from suppliers, credit card or hire purchase statements, records of payments to contractors or employees, and any relevant expense receipts.

By taking the time to organise your accounts ahead of year-end, you can save yourself a lot of stress. Plus, having all your records in one place will make it easier for your accountant to work their magic when it comes time to do your taxes.

5. Review employee records

Make sure your staff records such as hours worked, wages paid and any bonuses given are all correct and up to date. This information is essential for filing taxes correctly.

6. Complete a stocktake

This is probably the most important step. A stocktake will help you determine the number of goods in your inventory and therefore give you an accurate indication of how much money has been spent on goods throughout the year.

By following these simple steps, you can ensure that all of your finances are in order and make the end-of-year accounts process much smoother.

Getting organised will help reduce any stress and give you a clearer understanding of how your business is doing.

Plus, it will help you to ensure that all of your accounts are compliant and accurate when the tax man comes calling.

Good luck!

Insight CA Limited

P.S . Don’t let another year pass by without taking control of your finances.

If you’re not having regular meetings with your accountant and feeling confident about your financial plan, it might be time to consider a change.

A proactive accountant who regularly reviews your financials provides strategic business advice and supports your long-term goals can make a significant impact on your financial success.

Don’t settle for less – book a call with Insight CA today and start experiencing the benefits of a strong financial partnership.”

So what are you waiting for? Get in touch today and start making 2023 the year you take charge of your finances.

We look forward to hearing from you.

Are you a small business owner? Have you ever wonder how can you grow your small business into big business? Then we recommend reading this next article!

Are you struggling to make your business work?

Insight CA Limited is a team of experienced Auckland-based chartered accountants and business advisors who can help. We’ll give you the power to see what’s really happening in your business, so you can take control and start making progress. Click here to learn more about how we can help you achieve your goals.

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