Ananda Raj Pandey
Ananda Raj Pandey Developer at SavvySME

What can I do now to prepare my business for its tax return?

Do you have any tips on how to plan ahead to make lodging a business tax return as smooth and pain-free as possible?

Tim Hoopmann

Tim Hoopmann, CEO & Founder at Cornerstone Group

Hi Ananda,

It’s great to see that you are planning ahead – you are already setting your business up for success! In terms of ensuring you are prepared for tax-time, you basically need to make sure that your bookkeeping is up to date.

In terms of managing your books, the easiest way to do this is via a cloud accounting platform such as Xero or Intuit QBO as it is the accounting platform that contains all of that data relevant to your business.

A cloud platform such as this will allow for you to:

  • Maintain all your business financial records in one location
  • Invoice quicker so that you can get paid faster
  • Eliminate the need for manual data entry as all of your transactions are pulled directly from your bank every day
  • Integrate with cloud add-ons such as Receipt Bank that help to simplify your business process
  • Have real-time access to accurate data

By ensuring that you keep up to date with your bookkeeping you will have the complete story for you accountant in one location. This means you will be prepared well in advance and remain ATO compliant.

Please contact me if you require any further information and I hope this has helped.