Tech recs to help you celebrate (or survive) EOFY
Things that should be on your radar this month 👀
1. The ATO has released its watch list of its four priorities when scrutinising your personal tax return this year.
2. New financial year, new rules. There are a few new policies coming into place on July 1 that are likely to affect the weight of your wallet, including an increase to the amount you can deduct if you drive for work.
3. The results of the 2021 census are in, and they show that Australia has changed pretty drastically over the last 20 years.
4. A growing list of major corporations are using their voice and economic power to condemn the US Supreme Court’s decision to overturn Roe v Wade.
5. For anyone dabbling in crypto: firstly we hope you’re okay, and secondly the government has recently announced that cryptocurrencies will continue to be exempt from foreign tax arrangements (even after El Salvador added bitcoin as a national currency).
Tech to help streamline your business 🚀
📣 Shouta – Looking for a way to give kudos to your team for working so hard around EOFY? Shouta is a fun way to reward them with little digital gifts.
🧾 Dext – If you’re not already collecting and reconciling your receipts digitally, do yourself a favour and download this app ready for July 1 – you’ll thank us later.
💻 Gqueues – Are you making the most of your Google Workspace? This app integrates all of your Google tools and makes it easy to track all the nitty gritty details of your workflow 👌
The highs 📈 and lows 📉 of small business life
📈 We’re finally implementing some of the new systems we’ve been working on the last couple of months (hello shiny new email template 🤩). It’s a great feeling to see our vision for Project Alfred coming to life, and we’re having fun – as always – playing around with new tech.
📉 June has flown by, and we’ve been working hard to clear our plates for tax time. Honestly, it’s been a little stressful, but with everything else going on in the world, a full plate at work is A-OK.
Productivity hacks 👩💻
Do a quick audit of your subscriptions
Have you checked if you could be getting a better deal on your monthly subscriptions by paying annually? Subscription services are part and parcel of running a business these days, and it’s easy to fall into the trap of turning a blind eye to the chunk of money coming out of your account each month. Heaps of commonly used apps offer (massive) discounts for yearly subscriptions, plus you’ll save time by only having to reconcile that expense once a year, not each month.
If you’re reading this on June 30, consider this a PSA to do a quick audit and pay today for any yearly subscriptions you know you’ll need and use over the next 12 months 📣
Check that your accounting software is ready for the new FY
Do yourself a favour and spend some time in early July doing a bit of an accounting spring clean. With a number of changes coming in for the next financial year, it’s a good idea to double check that your accounting software has updated to reflect the changes. It won’t take long and it’s time well spent for the peace of mind that your business is up to date with its compliance obligations.
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In the February edition of our newsletter we were musing about how quickly EOFY would creep up on us and… hi 👋 (but we’re looking forward to seeing how all the systems and automations we’ve implemented for our clients over the last 12 months streamline EOFY activities)!
When things are moving fast, it’s easy to get caught up in hustle culture and the ‘startup mindset’, but coming into the new financial year we think it’s time to start talking more about a growth mindset instead – read our thoughts on this here if you’re interested.
That's just our two pennies' worth.
- Liam and Amy, co-founders of Project Alfred
(changing the way people think about accounting)
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