This month we sat down with one of KNP Solutions’ talented female accountants, Genevieve Rajakulendran, to bring you an EOFY survival guide and a few simple hacks to lighten the load. Whether you’re a sole trader, business owner, or employee, you’ll want to keep reading:
1. Get the Hard Stuff Done First: Organise and collect all your paperwork first. If you haven’t been on top of keeping your receipts or documents until now, simply create a new sub-folder in your emails to store any new or existing electronic receipts or statements. Same goes if you have been collecting physical receipts. Take a folder with plastic sleeves and dividers and keep everything in a safe spot.
2. Use Your Phone: Take photos of your receipts, especially when you’re out or travelling & to avoid the coffee stained crumpled receipts that you can’t read coming into the EOFY.
3. Talk to Yourself: Don’t be shy here. Talk into the voice memos of your phone and leave yourself a ‘reminder message’ that you can review at tax time, don’t underestimate your smartphone, it will even store the date of that memo. Especially when you’re on the run and tend to later forget what you purchased. A tax time love message could be ‘Caroline, don’t forget you went to Officeworks today and printed and laminated 50 to do list templates for clients, you paid for that on your personal card, the total was $23.50, so remember to claim this back at tax time’.
4. Get a GOOD Accountant: Never settle for second best, especially if you wouldn’t even recommend your accountant to your best friend. Don’t let the thought of finding a new accountant scare you, your new accountant will want to make the transition simple and ease your stress for now and the future.
5. Ask for Help: If all of this seems too overwhelming and you are left with so many questions, be that how to find a new accountant, or what you should be spending surplus funds on, an extra set of hands might be all you need. A Life Assistant can help you with this and during that process, we can implement strategies to help you set goals for the coming financial year and efficiencies to make your next EOFY period an enjoyable one.
Better yet, we captured this entire interview to bring to you on our brand new YouTube Channel, if you want to be the first to view it, follow the link below and don’t forget to subscribe.