It’s the beginning of another financial year, and for trade business owners like you, there have been many 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.