We are rapidly approaching the end of the Australian financial year. Already! Again! With only two months to go until 30th June, this is the time when it’s necessary for business owners to start looking at their business and see what changes they need to implement. Accountants and bookkeepers like to harp on about this, but it can be a vital process in your business.
When businesses are making a respectable profit, looking tax minimisation strategies is very relevant in the last quarter of the financial year.
Another key area that can be useful to assess this quarter can be your systems and processes. Are they working for you? Or working as efficiently as they could be? If they are not, then why aren’t you doing something about it?
If you have been considering upgrading from your legacy accounting software to Xero, or you currently don’t use any accounts software at all, then this is the time to make the decision.
Although it’s not necessary to change your accounting system over at the beginning of a financial year, the process can often be easier and “cleaner” when you do. Setting up can take a little time to complete, especially with more complex businesses, so rather than delaying, you should be looking at your options now.
If you decide to upgrade to Xero, Blue Emerald is a Xero Bronze Partner and can help you make the change easily. We have a range of Xero flat fee packages and whether you just want the setup and want to do your bookkeeping yourself, or you want to fully outsource your bookkeeping, you will find something that suits your needs. You can have a look at the packages here. We also offer training and rescue packages if you need a little extra.
Whether you are looking to change your systems or not, these last two months of the financial year are the time to take a good, hard look at your business and see if it is working the best for you.