The end of financial year rush is coming.
For trade business owners like you it probably means you're gearing up for another stint of sleepless nights, endless paperwork, and long hours spent reconciling accounts before lodging it all and breathing a sigh of relief.
If you’ve operated your business for a while, you undoubtedly understand the stress that comes with each new financial year. Whether it’s settling outstanding invoices or digging through piles of receipts, the pressure packs on quickly with a deadline on your mind. While in the thick of completing your taxes, you’ve probably promised yourself time and time again to make things easier next financial year, no matter what. But as is the case for many busy trade professionals, that resolution gets lost in the shuffle as business picks up again and the struggle of each tax season fades from memory.
That’s why we’re here to show you one of the easiest and best ways of making EOFY reporting quick, painless and most importantly, paperless. All you need to do is commit to digital change and incorporate a job management software package into your business before the next EOFY; it’s that easy.
You may think that it can’t be so simple, but we’re telling the truth. Job management software isn’t just for automating your business operations, it’s also a valuable tool for collecting and storing critical business data, and that makes it a lifesaver come tax time.
This article will showcase four features of our job management software AroFlo and discuss how each one can help you shift some of the burden of tax time from your shoulders. Along the way, we’ll also highlight how each feature can help you run a more efficient business and provide you with the extra time you need to focus on your tax next year.
Feature 1: Asset Management
Keeping track of your assets is essential for the day-to-day operation of your trade or service business. But come tax time, it’s the information about your assets that takes centre stage, and without proper record keeping, you may be left sifting through paperwork and holding back frustration. AroFlo’s robust asset management feature acts as a digital record of not just an asset itself but every detail about that asset from the moment you added it to your system. For tax purposes, this means a highly accurate record of both depreciation and expenses.
Depreciation is a fact of life when you use your assets every day. With AroFlo, the details of how quickly an asset is depreciating and the cost of depreciation are easy to set up and even easier to track. Rather than running a balance sheet that’s as long as your arm, simply access the information on each asset digitally and create a report for easy tax reporting.
Claiming business asset expenses is just as easy with AroFlo, due to the robust documentation system included as part of our asset management functionality. Financial documents such as receipts, bills of sale or invoices can all be uploaded and assigned to a specific asset. Now, rather than searching the office for a receipt you filed last year, you can find it in a matter of seconds by utilising the power of AroFlo’s asset management feature.
Feature 2: Purchase Orders
Deductions are an important part of the tax cycle for any trade or service business. Ensuring you get back what is owed to you is dependent on how well organised your documents are, and no professional wants to find that they could have claimed more after their tax has already been lodged.
AroFlo’s purchase order feature is a closed-loop system, which means that every purchase order is created, raised and eventually stored within our job management software under the specific task it is assigned to. Rather than digging through filing cabinets or asking around the office to try and track down your yearly business purchases, just bring up the information in AroFlo as you need it.
Hiring gear or renting equipment can also be tracked neatly through our purchase order system, giving you complete transparency across your business spending and a reliable method for calculating deductions.
Feature 3: Automated Timesheets
If only tax time was as easy as sorting out your personal and professional tax obligations and leaving it at that. Unfortunately, if your business employs staff to fill any role in your company, then salary and wage information is crucial data to have on hand for tax reporting when the EOFY rolls around again.
Luckily there’s an easier way than double-checking timesheets by hand, then finalising payroll, updating pay rates and calculating superannuation contributions using pen and paper. AroFlo’s automated timesheets eliminate the need for manual methods of recording labour by instead using digital job timers and GPS tracking to help you record accurate hours for every employee. Labour entries can even be checked and amended in real-time, letting you adjust as you go, rather than trying to recall any necessary changes right on tax time.
Feature 4: Inventory Management
If your trade business holds and utilises stock, then the only thing you likely dread more than tax time itself is the inevitable EOFY stocktake that comes with it. Creating an up-to-date inventory list by hand usually involves searching through boxes, writing down stock, and finding that you either have far more stock than expected or far less.
But with AroFlo’s inventory management software, your next EOFY stocktake could be as simple as generating a stock report from the comfort of your office. It’s all made possible by AroFlo being an integrated software package, which means that each feature feeds information into the others. Add stock to your system with barcode scanning, draw that stock directly from your inventory and place it in a quote before syncing any stock changes instantly across your entire system.
No matter if your stock level goes up or down, any change to your inventory will be recorded as it happens, making stocktakes pinpoint accurate and easy to manage during tax time.
With all this in mind, why not make your next EOFY easy with a job management software solution?
We’d love to show you how AroFlo’s other features can not only make tax time an absolute breeze for your trade or service business but help you grow your success as well. Make an EOFY resolution that leads to real change and commit to growth by booking a tailored demo today. We’ll show you the features we discussed here in action, as well as what AroFlo’s other features can do for your business too.
Note: The information provided in this article is in no way meant to constitute or act as financial advice given by an experienced and registered tax agent/accountant. We strongly recommend speaking to a professional before filing your tax or consulting www.ato.gov.au for more details about your obligations.