As the end of the financial year approaches, it's crucial for you to ensure that your farm transitions smoothly into the new year. Whether you're pre-organised or waiting until the last minute, Agrimaster is here to guide you through this process with our CEO, Natalie Egerton-Warburton’s tips and comprehensive software solutions.
Step 1: Set a deadline to tie-up the loose ends
Give yourself a deadline to create a sense of urgency for completing these tasks. Follow our EOFY Guide in the Agrimaster Help Center from start to finish to have a clear roadmap of all the things needed to tidy up the previous financial year and prepare for the next one.
The checklist covers everything from reconciliation and BAS (Business Activity Statement) to wage and tax information. Simply consult the checklist and tick off each item as you go along.
Step 2: Compile and submit financial data to your accountant
Compile all the necessary financial data and reach out to your accountant promptly. We recommend contacting your accountant by July 1st to schedule a meeting and submit your 2022/2023 financial data. Having an appointment in place helps ensure that you stay on track and avoid procrastination.
Make sure you review and decide which items you would like to claim tax deductions on as there may be benefits to claiming some expenditure or income within this financial year.
Additionally, organising your paperwork and maintaining a digital filing system for assets and transactions will make it easier to locate and provide the required information to your accountant.
Step 3: Reflect and set new financial year resolutions
Take the time to reflect on the previous year and identify areas for improvement. Consider what worked well and what didn't go as planned in your business. Develop the habit of updating your cashbook regularly and running a budget-to-actual comparison report. This will provide insights into your business's performance over the past year and use that to implement changes accordingly. Whether it's improving your proficiency in accounting software like Agrimaster or establishing a digital filing system, allocate time to sit down, think, and plan for the upcoming year.
Step 4: Utilise Agrimaster’s potential
If you're facing challenges in utilising Agrimaster, we're here to assist you. Our recommendation is to set aside dedicated time each month for bite-sized learning, allowing you to master Agrimaster and maximise its potential: Access our free online training resources.
By following these steps and leveraging Agrimaster's intuitive software, you can streamline your EOFY processes, gain valuable insights, and start the new financial year with confidence. Let Agrimaster empower your farm business's financial management and ensure your long-term success.
For more information, talk to your accountant and follow the EOFY Guide.
