Thanks to the team over at Prosaic (an amazing startup using AI to work out GST expenses for tax returns), we’ve put together a few essential tips to help you navigate the financial year end smoothly
Before 31 March:
Update your Xero details: Ensure all of your business details are accurate
Bank Reconciliations: Keep your bank accounts up-to-date and reconcile any outstanding transactionsReview Financial Documents: Check for any outstanding invoices, bills, credit notes, or quotes and all transactions are recorded in Xero.
From 1 April:
Early Info Sharing: The sooner you provide your financial information, the quicker we can finalise your returns.
Embrace Digital: Utilise online signatures for a faster, secure return process.
Get AI on the job: Innovative tools like Prosaic can autonomously analyse your bank transactions and compile reports for your home office claims.
This is just an overview; we understand that this period can be hectic. If you have any questions or wish to learn more about how Prosaic can assist you, please don't hesitate to get in touch.