The end of financial year (EOFY) can be a particularly busy time for business owners, as tax time tasks are added to your usual schedule. Hiring the assistance of a business accountant for EOFY can help to ensure that you maximise your potential at tax time while keeping your stress levels low. Business accountants are experts at managing documentation and compliance for EOFY – making them a valuable asset.
What can a business accountant help me with for EOFY?
Business accountants can assist with so much more than simply filing a tax return. Your accountant can manage several tasks for you to ease some of the chaos this EOFY.
Maximising deductions
The end of the financial year is an optimal opportunity for reducing any tax debt and maximising your tax return via deductions. An experienced business accountant will be able to identify potential deductions that you may have overlooked yourself, helping to minimise your tax bill.
Compliance
It is crucial that your business remains compliant with tax regulations. Finding out unknown issues at EOFY can be stressful for business owners. Your business accountant can check your books for any issues and will assist you to ensure your business is doing the right thing.
Future planning
EOFY is a great time to look ahead and plan for the future of your business. Engaging with a business accountant is a great way to seek expert advice and input for your plans for the next financial year.
Audit preparation
Since tax time already requires a thorough review of your financial documents, it’s the ideal opportunity to also prepare for a financial audit. Your business accountant will be able to balance assisting you with EOFY tasks while using that information to prepare your business for a proper financial audit.
LBW: Geelong’s best business accountants
If you require some expert assistance and guidance to ensure tax time goes smoothly, the accountants at LBW are here to help. Our team are experienced in ensuring compliance, managing business tax documents, and assisting you to plan for the future. If you are a business owner seeking expert assistance, we invite you to contact the team at LBW.
This blog provides general educational information only. The content does not take into account your personal objectives, financial situation or needs. You should consider taking financial advice tailored to your personal circumstances.
LBW Business + Wealth Advisors is an Authorised Representative of LBW Wealth Pty Ltd ABN 56 652 382 128 AFSL 534569. Please see our website www.lbwca.com.au or call 03 5221 6111 for more information on our available services.
