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Time-poor SMEs must prepare now for compliance changes coming into effect at the end of this financial year, says Bibby Financial Services.
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SMEs need to act now
06 May 2024
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8 minute read
The global firm has warned Australian SMEs to review their financial position and accounting systems ahead of the end of the financial year so they can receive potential tax benefits.
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Mark Cleaver, managing director of the firm's New Zealand and Australian operations, said SMEs should also make the most out of this accounting-focused time of the year to position their business for success.
“Almost 40 per cent of SMEs identified time management as a leading business challenge in our latest Bibby Barometer survey, so we are encouraging SMEs to make time to review their business strategy and start planning for the new financial year,” he said.
“Take the time to turn it into an annual company and strategy review. By keeping your accounting systems up to date and having supporting arrangements in place, such as debtor financing, you will be able to set real and achievable business goals – not just for the next six or 12 months, but also for the next five and 10 years,” Mr Cleaver added.
Bibby Financial Services has 10 tips to help SME clients make the most of the end of the financial year:
1. Pay and clean up any super owing before 30 June 2014
2. Be aware of relevant tax changes
3. Get your tax-deductible expenses in order
4. Be aware of all applicable tax benefits
5. Know the value of your depreciating assets
6. Keep your income-producing assets up-to-date
7. Write off bad debt
8. Reassess your cash position
9. Have an accounting spring clean
10. Reward your staff
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