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Nearly one third of SMEs start preparing their financial reports at least a month before the end of financial year, according to the most recent MYOB Business Monitor survey.
SMEs act early on EOFY reporting
24 April 2014
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4 minute read
The survey also showed that a further 17 per cent start their preparations in the weeks prior to June 30, and only 12 per cent do not start preparation until two months after the financial year ends.
MYOB chief executive Tim Reed says it’s great to see a high proportion of SMEs getting to grips ahead of time with compliance issues and other matters relating to EOFY.
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“Preparing for EOFY early means SMEs can start the new financial year on the front foot,” he said.
“While EOFY is a compliance-driven exercise, it can be an ideal opportunity to draw a line under the previous year and look at what worked for your business, and what didn’t. This way when you look ahead to the next year you’ll have a much better idea of what activity will drive your success,” said Mr Reed.
The MYOB survey showed that nearly two thirds of SMEs (64 per cent) use an accountant and a further 13 per cent use a bookkeeper to help them with EOFY compliance.
Mr Reed said accountants should take advantage of this time to help their clients improve their business in the coming year.
“For most business owners their accountant or bookkeeper is their most trusted business advisor. They can help create and/or update their strategic plan.
“They can also advise on the best way to seek additional resources to grow the business; whether that’s moving to online solutions, funding a new employee or acquiring a complementary business,” he said.
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