Depreciation and asset write-offs:
Asset depreciation is a fact of life for many trade businesses. If you dream of no longer having to shuffle through purchase receipts to determine the age of your assets, chances are that AroFlo can help.
Our asset management system is primarily used to streamline when your assets are being used and who is using them. However, this feature can also be a fantastic tool for getting a good overview of where your assets stand in terms of depreciation.
How, you ask?
When you add your assets and enter general information about them into AroFlo, you can also add your own custom fields including ones relevant to tax reporting.
These could be:
- Asset Purchase date
- Average lifespan of asset
- Asset value at time of purchase (book value or custom value)
- Flat yearly depreciation values (if applicable)
This is crucial information for calculating accurate depreciation and it’s made even easier when used in combination with AroFlo’s powerful reporting feature. You can even catalogue multiple assets of the same type using uploaded images.
Just imagine all the time you’ll save by not having to walk around the workshop trying to figure out which company truck is which again.
Employee Payroll and PAYG/STP:
It’s no secret that payroll and timesheets are one of the most time-consuming parts of running a trade business, not just during tax time.
No matter how your business manages payroll tax and employee tax obligations, one thing remains the same. The last thing you want to be doing during the end of the financial year rush is chasing up your team for unrecorded hours and overtime.
Using AroFlo however, every job is recorded as it happens, using GPS tracking and real–time job clocking. This means no disputes over hours and no chance of missing any crucial timesheet information that you may need when the tax man comes calling.
For subsequent financial years, our timesheeting software is also a convenient way of filing hours as you go. You can even view labour entries in real–time, which lets you check and amend any details such as overheads and file them digitally for when June 30th rolls around again.
We hope that these tax time scenarios have given you a good idea of just how helpful AroFlo can be when it comes time for your end of financial year reporting.
Whether it’s finally leaving behind the paper trail or just expediating your overall tax reporting, we believe there’s a lot to be gained from digging into what AroFlo has to offer in the runup to June 30th.
If you’d like to know more about AroFlo’s powerful capabilities or want further clarification on any of the features we’ve discussed today, be sure to get in touch! We love helping our clients old and new get the most out of their AroFlo experience and we’re always ready to answer any questions you may have.
Disclaimer: This article is in no way intended to act as financial advice. For information on your individual circumstances and how they may affect the cover you need, we recommend speaking to an accredited accountant.
Author – James Burgess