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Keep calm and enjoy the season

Kelvin Tyler • March 1, 2018

Teachers will tell you that students go a little silly when the weather changes. It can be like that in business too. The recent erratic weather and the change of season creates a little chaos. Clothing retailers are stocking winter woollies when it’s still 30 degrees outside and hot cross buns are on the shelves when it seems the tinsel has only just been packed away. Meanwhile some of our farmers are jumping for joy from recent rain, while others have had crops damaged.

For accountants though, Autumn is full of excitement and anticipation. It signals the lead up to the end of financial year which is our time to really make a difference.

So what’s our advice for businesses at the change of season?

See your accountant: It might sound obvious, but it still surprises us that some business owners don’t see their accountant before the end of June. You should be seeing your accountant sometime between March and May at least once, if not more, to review your predicted tax position. When 1 July hits, it is too late. Over the years we have saved clients thousands and thousands of dollars with legitimate strategies to minimise tax liability because we were able to plan appropriately.

Check your super: It’s also a great time to see your financial planner about your superannuation and insurances, as these can be an essential part of your tax planning and safeguarding your wealth. Make sure your financial planner and accountant are working together to get you the best result.

Get organised: If you haven’t kept all your records up to date during the year, now is the time to get your bookkeeping program ship-shape. If you find entering data too time consuming, talk to your accountant about streamlining with a cloud-based solution. Check out our resources section here  for a guide on the various online accounting programs on offer.

While the change of season can send everyone a little crazy, communicating with your advisors regularly is an important way to keep calm, sit back and enjoy watching the leaves fall.

The post Keep calm and enjoy the season appeared first on BMO Accountants.

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