End of financial year and tax time preparation is causing almost half of small businesses (48%) more anxiety than usual, according to the latest research from Intuit Quickbooks.
Online accounting software, Intuit Quickbooks vice president and country manager, Lars Leber has shared his tips and tricks for small businesses to utilise ahead of tax time so they can get their time back and focus on what is important.
He says end of financial year reporting can be a stressful time for small business owners, and the COVID-19 pandemic means there will be additional complexities to manage this time around.
“New rules have been introduced around what small businesses need to pay and what they can claim, as well as changes in tax rates and business income so it’s important that owners and operators put measures in place to help manage the turbulent year and put measures in place to ensure a successful financial year ahead,” he said.
“Investing in an accountant or bookkeeper is just one way business owners and operators are helping manage the impact of the turbulent year. Advisors not only provide vital assistance on things like accessing government grants and securing government funding, but they help small business owners understand their entitlements and provide guidance on how to access them.
“Small businesses should also look to use this time to review and seek out innovative ways to streamline processes as a way to gain back time and find some relief. Building out digital capabilities and making use of software and digital tools is a key way to get on the front foot and give your business an edge. Businesses have better oversight of their finances and are less likely to make an error or omission, meaning that tax deductions are maximised and the speed in which you receive funds is increased.”