With June 30 right around the corner, it’s time t0 take advantage of the new financial year and get your own paperwork in order. Here are 7 things your practice needs to do before the end of the financial year rolls round.
1 Lodge remaining tax returns
According to the Australian Taxation Office (ATO), tax returns for all entities that did not have to lodge earlier, and are not eligible for the 5 June 2018 concession, need to be submitted by 15 May. Now’s the time to submit outstanding paperwork and tax returns for any remaining individuals and trusts you have on your books.
2 Get up-to-date with Single Touch Payroll
The ATO has declared that Single Touch Payroll will be mandatory for employers with 20 or more employees, from July 1, 2018. Take a moment to familiarise yourself with the obligations and reporting required by the ATO for Single Touch Payroll. Employers with 19 or less employees, will be required to follow suit by July 1, 2019.
3 Prepare for team training
The ever-changing rules of tax and business mean accountants constantly need to be learning and upskilling. May and June are the perfect months for you to attend any training, seminars or workshops to ensure you stay on top of the game. It’s also the ideal time to organise any team training within your firm before the July-rush.
4 Revamp the office
Take advantage of the quieter season and get your office in order. Upgrade your technology, download new software or order any office supplies, so you can be all ready to go come July 1. Now’s the time to clean out your desk and any old files that you have lying around – think of it as a spring clean in autumn.
5 Audit your client base
While you’re on your cleaning spree, take the time to do an audit of your client base. Sort out your active and inactive clients, and back up any old computer files that you no longer need. If you have a number of old clients you haven’t heard from in a while, consider sending out an email and offering your services again or a special deal.
6 Communication with your clients
To set you and your firm up for a strong financial year, start communicating with your clients asap. If you haven’t already, create a newsletter, so you can tell your clients what they need to start doing to prepare for EOFY, and when they should look to come in for a visit. Answer some of the most common questions while tax time is front of mind for everyone.
7 Work on your elevator pitch
So many small business owners aren’t across everything an accountant can do, other than tax time assistance. Start educating your clients on what services you and your firm has to offer. Let them know how you can help, from cash flow and debt issues to budgeting, loan applications and inventory. You can also teach your clients how to use cloud accounting software to help with their tax time reporting.