At Key Factors, we understand the EOFY can be a stressful and busy time for any business. It is all about making sure you’re on top of your financial responsibilities while meeting legal requirements. If cash flow is tight, or your working capital needs a boost, Key Factors invoice factoring facility can help by advancing cash against your receivables.
Small businesses tend to take on a lot for themselves, from administration, to marketing and bookkeeping, so don’t let the EOFY creep up on you, be aware of time-frames and set reminders.
In order to run a successful business, not only should you be ahead of the EOFY, but think of it as more than just your tax deadline. Start thinking of it as an opportunity to breath a bit of life back into your business and a time to do some strategic thinking. With Key Factors flexible factoring facility the EOFY can be a positive time.
Left it late this year?
We don’t want you to miss anything in the rush so we’ve put together a handy checklist for you to work from.
Simple EOFY checklist for small businesses:
- Set-up a meeting with your accountant
- Provide your Business Activity Statement
- Review your SuperStream requirements
- Payroll: review any outstanding leave and long-service entitlements of staff
- Check all employment contracts
- Annual Income Tax, PAYG Withholding, Fringe Benefit Tax, and Goods and Services Tax reports or returns all need to be lodged
- Calculate your depreciation expenses by collating your records of asset purchases and capital expenditure
- Prepare a profit and loss sheet for the year – including revenues and expenses
- Review outstanding debtors and creditors
- Check all your client, customer or consumer contracts are all still valid
- Get in touch with a factoring company if you need to improve your cash flow or are struggling to pay off fees due to slow-paying clients.
Be the best you can be:
- Take a stock take of your inventor
- Analyse your performance against the targets you set last year
- Re-set goals for the following tax year
- Review your business plan
- Research changes to your industry, do you also need to develop to align?
- Decide whether you’re in need of a new marketing strategy
- Do a cash flow forecast for the following year and assess whether you could benefit from accessing your cash from unpaid invoices by using a factoring facility.
Avoid the rush
It’s time to get yourself prepared and take action in advance. By being ahead of the EOFY, there is a lot to gain, such as taking advantage of tax breaks or upgrading any essential equipment, as well as numerous others.
Why you should submit your taxes early and be prepared:
- Get your hands on your refunds sooner: if you’re owed tax, it will be paid into your account shortly after submitting your application, therefore, the sooner you apply, the sooner you’ll receive anything owed to you
- Expecting a bill oppose to a refund? It’s still best to deal with it and work out your finances accordingly, you can also assess how much you owe in advance and then have a saving goal in mind, or use Key Factors factoring serviceto pay it off with your accounts receivables.
- Avoid any fines – late fees are charged, and you never know what could cause a last minute delay, so make sure yours are done well in advance.
Although Key Factors encourages you to get ahead of the EOFY, remember that factoring companies can help you stay on top of your finances all year round. We understand that expanding your business takes up a lot of time, that’s why, at Key Factors we want to help you focus on growing your company while we take care of your finances. Simply get in touch to see how we can help you.