The end of the financial year is looming here in Australia, which is known to instil fear into the strongest creative minds. I’ve invited my good friend and bookkeeper, Amanda Knight of Balance Bookkeeper to give us some quick tips about how to stay sane at EOFY. If you need some assistance with your bookkeeping, I highly recommend her – her contact details are at the bottom of the post. Without further ado, herewith your sanity saving tips for EOFY.
So, you are really creative and inspired by creating but the thought of end of financial year just makes you want to cry. Well, I am the opposite; the thought of sewing on a button either makes me cry or put the pair of pants in a safe place never to have the button reunited to the item.
I am going to share with you some tips on how to make the end of financial year good even if you don’t like the number stuff.
- Set up a system
(If you haven’t had a system for this financial year you can easily set one up and then you can carry this forth to the new financial year and onwards).
But what does a system entail? The word sounds scary but it could be something as easy as an Excel spreadsheet that keeps track of your expenses and income, or it could be something like Xero (www.xero.com) where you can have your bank account synced so you can ensure that you never miss an expense.
- Have all of your receipts in one place
This could be a shoebox, electronic storage or in your inbox.
- Make sure that you have accounted for everything
Have you recorded all of your expenses that you can claim: education, conferences, training, office expenses and accountant fees from last year?
- Start this process early
I don’t know about you but I blink and time just flitters away. So don’t delay and start today!!
Tips for the new financial year
Setting yourself up right for the new financial year is going to save you in the long run. Put a system in place, work out when you are going to sit down on a regular basis and then plan to do it by scheduling it into your diary.
Reward yourself – have a reward system in place for when you accomplish the task and be proud of what you have achieved.
Have an amazing end of financial year and may you and your businesses continue to be successful!!
Until next time, happy quilting. 🙂