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Business advice: Our top tips for EOFY

With June 30 looming, most of our clients are after a little EOFY comfort. That’s why we’ve compiled the best advice from the Nero Financial broker team below. These 7 quick-and-easy tips to boost your business and make tax time easier will help alleviate your stresses (you can thank us later).

1. Go Digital – move your accounting to the cloud

You might be more comfortable with pen-and-paper ledgers or Excel spreadsheets, but when EOFY rolls around it can make life very difficult for both you and your tax agent. With a cloud-based accounting solution, you can automate a number of time-consuming tasks like invoicing and bank reconciliations. Plus, it’s a secure place to store all your sensitive financial information.

2. Spring Clean – get on top of invoices and debtors

If you are struggling with business cash flow, a looming tax bill is the last thing you want to deal with. So use the weeks leading up to EOFY to send out any lingering invoices to clients and chase up late payments. You could even consider adding a late fee to future invoices to ensure prompt payment.

3.Make Some Noise – boost your online presence

Staying relevant in a crowded market is made easier when you have a user-friendly online presence. If it’s been a while since you last updated your website and online store, give it a refresh and make a commitment to being more active on social media – higher social engagement results in more leads and conversions.

4. Delegate – empower those around you

As a business owner it’s easy to fall into the habit of wearing a million different hats. But you – and your people – are at their most productive when everyone is using their unique skill sets on different tasks. You can’t be all things to all people, so make sure you delegate and only focus on the most important jobs as an owner.

5. Set Boundaries – prioritise your wellbeing

The success of your business starts and ends with you – so why not take good care of yourself? Running a business isn’t always easy, so it’s important to prioritise your wellbeing and know when to switch off.

6. Tune Up – invest in smarter technologies

Doing a technology tune-up can help you spot any gaps in your current suite and find new solutions to make your work life easier. Thanks to the competitive business software market, you may even find new technologies that are cheaper to run and more efficient than your existing solutions.

7. Leverage Support – get tax relief

If you find yourself in serious debt come EOFY, there are still avenues to explore. Lean on the Broker team at Nero Financial to secure your business a tax debt loan to cover things like GST, super and PAYG – so you can give your business the breathing room it needs to thrive again.

“I haven’t met a single business owner who looks forward to their annual tax bill, and the last thing you want is for the debt to overwhelm you,” says David Crook, Managing Director at Nero Financial. “Having a Commercial Broker on your side means you’ll always have options. We support business owners dealing with unexpected bills and financial struggles every day, so we’re best placed to help you find you a solution that works.”

The annual tax season is a great time to think about what you want out of your business and make positive changes for your future. Whether it’s cash flow support or a business loan to help you scale, contact Nero Financial today or call 1300 025 949 today to learn how we can help.