Have you sorted your End of Financial Year (EOFY) books yet and sent them to your accountant?
For small businesses in Australia, the EOFY tax deadline differs from individuals, but it’s still crucial to get everything in order early.
This period is often stressful for business owners, but it doesn’t have to be.
Xero, the global small business platform, has conducted research revealing Australian small businesses’ sentiments about the End of Financial Year (EOFY).
A survey of over 1,000 small business owners and decision-makers showed:
- 71% find this period stressful
- 83% feel overwhelmed by at least one aspect.
The primary sources of stress include:
- Navigating tax compliance (33%)
- Gathering financial data (32%)
- The time investment required (30%)
- Keeping track of receipts (28%)
- Balancing financial deadlines with daily operations (26%).
More than half (56%) of small business owners confessed to making errors in their previous EOFY preparations.
The most frequent mistakes were:
- Misplacing important documents or receipts (32%)
- Forgetting to claim significant deductions (31%)
- Entering incorrect figures, leading to tax errors (14%)
- Accidentally deleting crucial financial records (11%).
How Oculus can help
To make EOFY less stressful and error-prone, consider utilising the services of a professional accountant, like Oculus Group.
We specialise in helping small business owners navigate the complexities of EOFY smoothly and efficiently. Our expert team ensures that your financial records are accurate, deductions are maximised, and compliance requirements are met, giving you peace of mind during this busy period.
EOFY is easier with Xero Software
Leveraging Xero software can significantly ease the EOFY process. Xero simplifies financial management by keeping all your financial data in one place, automating receipts, and reducing the time investment required.
Its user-friendly interface and powerful features help you avoid common mishaps, such as misplacing documents or entering incorrect figures.
By integrating Xero with our accounting services, you can streamline your EOFY preparations and reduce the likelihood of errors.
Don’t let EOFY be a source of stress. Contact us today to learn how our expert services and Xero software can make your EOFY as easy and efficient as possible.
Get your 2023-24 EOFY sorted and let us handle the complexities so you can focus on what you do best – running your business.
