SMEs prepare early for EOFY
As the end of financial year looms, 31 per cent of SMEs will begin preparing their financial reports at least a month prior to June 30.
In the March 2014 MYOB Business Monitor, a further 17 per cent stated that they start their preparations in the weeks prior to June 30, and only 12 per cent reported not starting preparation until two months after the financial year ends.
“Preparing for EOFY early means SMEs can start the new financial year on the front foot. While EOFY is a compliance-driven exercise, it can be an ideal opportunity to draw a line under the previous year and look at what worked for your business, and what didn’t. This way when you look ahead to the next year you’ll have a much better idea of what activity will drive your success,” says MYOB CEO Tim Reed.
Nearly two thirds of SMEs (64 per cent) use an accountant and a further 13 per cent use a bookkeeper to help them with EOFY compliance.
“For most business owners their accountant or bookkeeper is their most trusted business advisor. They can help create and/or update their strategic plan. They can also advise on the best way to seek additional resources to grow the business; whether that’s moving to online solutions, funding a new employee or acquiring a complementary business.”