We know how busy life can get and running a business is hard work. We hear many stories about clients who are so busy with the everyday running of their business that they don’t get time to review the books until it’s almost the end of financial year. Here are some tips to help reduce the stress of this busy time.
- Be organised
Putting yourself and your staff under pressure right before EOFY will increase the likelihood of mistakes and inefficiency. By being organised and not leaving things to the last minute, you will ensure that if something does go wrong, you have time to deal with it.
- Review Regularly
Rather than doing one big review at the EOFY, why not schedule regular monthly reviews? Even consider giving your accountant external access to your system, allowing them to conduct their own reviews throughout the year. By doing this you can reduce the likelihood of any big surprises, and relieve some of the pressure of the EOFY. Remember, all Triumph accountants are entitled to a free copy of our software, so tell them to get in contact with us if they don’t have a copy already.
- Maintain good habits year-round
Your company data doesn’t just matter at the EOFY, so you need to ensure that your data is accurate and transparent throughout the whole year. If you and your staff maintain good data entry habits year-round, the EOFY is going to go a lot smoother and will be less stressful for everyone involved.
- Plan ahead
As you run your EOFY reports you might notice flaws in your data or your overall software system. If you’re still running entry-level software and using spreadsheets to maintain your company records, then perhaps it’s it time to upgrade to a more capable Enterprise Resource Planning system like Triumph ERP. Or maybe you need to introduce new modules to your existing Triumph software suite to address the changing needs of your business. It might be too late to be organised for this EOFY, but if you start planning now, next year could be a breeze.