With End of Financial Year (EOFY) upon us, now is the time to invest in the tools to stop small businesses scrambling around their paperwork, according to founder and CEO of accounting services, Hot Toast, and Xero Partner Advisory Council member, Sarah Lawrance.

Lawrance has revealed the top tips for SMBs to use this EOFY to help streamline their tax return.

  1. Get ahead of the curve

“Get your books up to date so you can quickly see your financial position. Also, look to engage your accountant early for any tax planning conversations. Remember – don’t buy something just to get the deduction, it is important that any business expenditure is in line with your strategy and forecast,” she told Retailbiz.

2. Build out discipline

“Pricing and margin review work is top of mind for most businesses at the moment. With labour shortages across most industries, rising inflation and supply chain issues there is an opportunity now to connect with your accountant, chief financial officer or bookkeeper pre year end so that you can plan for the coming financial year and beyond,” Lawrance said.

3. Benefit from automation

“Focus on what you can do at an automation level with technology like Xero to drive efficiencies and build on your technology stack by introducing industry specific applications. A great place to start this journey or build on it is via the Xero App Store.”