We get together online. Then, we drink champagne! Or tea. Something celebratory at least! 

The end of the financial year is a time for celebration, completion, and also introversion. It’s a time to finish off things that have been hanging over your head, sort out some problems that you may have been avoiding, and to finally tidy up and finish off a very full year of business.  

I wanted to talk about how all the small incremental improvements over the last year really show their value at the end of the financial year.  

Incremental Change is At Your Pace and No One Else’s 

If you’ve been learning at least one thing every week to improve your understanding and skills in bookkeeping, you’ll be fifty-two times along the journey, and feeling great about it right now!  

Those daily, weekly and monthly actions have built a solid foundation to make tax time easier and help you to see clearly where you and your business are, and where you’re going.  

In the Unexpected Bookkeeper, we’ll run these reports in Xero together, so that you can ask questions on the spot, and we can do a deep dive into YOUR numbers.  

What Reports?  

Reports that need to be completed at EOFY for your accounting needs are:  

1. P&L Statement 
2. Balance Sheet 
3. General Ledger 
4. Accounts Receivable and Payable  
5. Payroll Summary 

The reports will show how your business has performed for the year and help you to spot any weaknesses or areas for improvement. As you create each report, we’ll talk about why we created them, what to look for, warning signs and the stories the numbers tell.  

It’s exciting to look at your hard work and see it all encapsulated into easy-to-understand reports, which is why we love working with Xero for our clients. As part of the process, we also look at how you can use these reports to start building your successful future year!  

We Reframe the Way Your Look at the ATO 

Many people feel like they’re going to be audited or assessed by the Tax Office, and there’s a large amount of stress we’ve picked up along the way. The mindset of the Tax Office being an aggressor, a punisher or cruel is popular but doesn’t serve us.  

The role of the Tax Office is to assess. It’s to make sure the government is getting their share of profits. Their job is to assess your business according to a set of rules (laws) and make sure you’re paying them correctly. Some people will get money back. Some people need to pay more than what they have already paid.  

It’s a necessary process for every government that has ever existed where it tries to redistribute wealth. As cave men, the leader would have had to find a fair way to share the spoils of a hunt; as farmers, we would have had to find a way to make sure that people who couldn’t farm still got fed. Moving money around is just the next way to ensure that everyone pays a portion to a system that helps others.  

Being scared of the tax man is like being scared of going to bed. You still have to deal with it, so isn’t it better to just be organised and prepared so it’s as easy as possible? 

Frank, open discussion about the fears we face about tax is the best way to shine a light on them and get rid of them. And this is one of the strengths of our Unexpected Bookkeeper.  

We answer a lot of questions  

This particular time of year is when the questions come thick and fast. Any niggling questions from the past year will suddenly make themselves known, and we’re happy to help out.  

We have collectively over a hundred years of experiences in Australian tax and tax law. We also know where the libraries are and help-line phone numbers if we get really stuck.  

Questions are good, and we encourage them! Engaging with your fears is what makes you stronger and more confident, and tax is just a problem that LOOKS complicated, but it guided by laws that we all have access to.  

What next?  

If you’re freaking out or having nightmares about tax time, now’s your chance to change your future. Our Unexpected Bookkeeper is an investment in sleeping soundly, improved business acumen, and ongoing support and coaching in the hardest job in the world – business owner.  

If you think we can help in some way, email Helen on [email protected], or feel free to sign up for the Unexpected Bookkeeper by clicking on the image below.