The end of a financial year is a great time to reflect on how your business has performed over the last 12 months.
The lead up to 30th June is also a great time to consider what goals you have for the next financial year, both financially and non financially.
A lot of clients use the end of financial year to change accounting systems. Some of the reasons why this is a good time to make the move are:
1) It’s a clean slate – 1 July is a brand new financial year, and it’s great to start afresh, as opposed to bringing in half a year’s worth of historic data from an alternate system
2) Don’t need to renew a yearly subscription – most other systems charge you a yearly fee to update tax tables. If you’re considering moving to Xero, avoid paying that fee as the tax table updates are included as part of your monthly Xero subscription fee
3) New payroll calendar – another opportunity to start afresh. We can simply bring in the balance of start entitlements and start the new financial year with zero year to date earnings
4) GST – we always suggest clients start using Xero at the beginning of a GST quarter, to keep the calculation of GST clean and correct.
Now is a perfect time to switch over to Xero. The benefits of Xero are tremendous (see previous post), which is why we ???? Xero!
Let us know if you need a hand with making the move!