Preparing for End of Financial Year as a Female Entrepreneur​

Use Automation to Streamline Bookkeeping

One of the biggest bookkeeping challenges is finding the time to manage financial records. With so many responsibilities to juggle, bookkeeping can often take a back seat. One solution is to use automation to streamline the bookkeeping process.

An effective tool for bookkeeping is automated invoice processing software, such as EzzyBills. This software allows you to extract data from your invoices, receipts, and other financial documents and enter it into your accounting software. This means no manual data entry which reduces errors and saves you time.

With automated invoice processing, you can spend more time on other aspects of your business, such as working with clients and longer-term growth.

Keep Business and Personal Expenses Separate

Having to look through 12 months of personal credit card records to find the purchases that were made for the business to claim the GST back can be incredibly time consuming and frustrating.

Ensuring that you are spending company money on company cards will make the process of filing BAS’s and end of financial year tax returns much easier. As the business grows, the accounts will be cleaner and easier to hand over to a bookkeeper or other staff members who may join the business.

Store all receipts

Storing all your receipts is important for 2 reasons. Firstly, you will need your receipts to claim the GST back on your business expenses. This is a massive benefit to you that also has financial rewards.

Secondly, keeping receipts helps track business spending to identify cash flow trends and help determine how profitable your business is.

The EzzyBills software can be a terrific way to help you store your receipts. If you are on the road, you can quickly take a photo of your receipts on our mobile app. Or, you can forward receipts in your email inbox to EzzyBills. This automatically exports the data into your accounting software.

If you don’t have accounting software, you can still use EzzyBills as a secure place to store, search, and backup your invoices for the accountant to access when preparing your tax return.

Seek Professional Guidance

Finally, seeking professional guidance when it comes to bookkeeping will make your life much easier.

A bookkeeper or accountant can help with bookkeeping tasks, including payroll, taxes, and financial reporting. By working with a professional, you can ensure that your financial records are accurate and up to date, so that you can make proper business decisions.

When looking for help, it’s important to choose a bookkeeper or accountant who has experience working with small businesses and who understands your unique challenges. To start, I would recommend One Roof’s directory of bookkeepers and accountants, many of whom are already recommending EzzyBills to their clients!

Overall, managing bookkeeping can be a challenge for any business owner. If you use automation to streamline bookkeeping, keep business and personal expenses separate, store all receipts, and look for help when you need it you can take a deep breath, and enjoy the satisfaction of a stress-free end of financial year – you deserve it!