Set your business up for success in 2017

The end of the financial year is the ideal time to reflect on your business and set it up for success for the next.
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The end of the financial year is the ideal time to reflect on your business and set it up for success for the next.

The end of one financial year is also a good time to take a beat and review your business plan and financials to ensure you're on the right track for the next.

New employment legislation introduced last year and the Inland Revenue Department's ongoing transformation project to simplify tax has a direct impact on employers and many small businesses.

A key enabler of these changes is online accounting and payroll software. Not only can MYOB online solutions keep you up to date with Inland Revenue changes and automate tax and PAYE compliance for you, we work closely with Inland Revenue to bring you new features first.

If you're not using an online accounting or payroll solution today, April 1 is the perfect time to start. It's also a good time to get prepared. Here are five essential tips to starting the new financial year in the best possible position.

1. TIME TO REVIEW YOUR ACCOUNTING AND PAYROLL SYSTEM

All too often small business owners reach crisis point before deciding to review, improve or change their operating systems. This puts people, systems and relationships under pressure, which is never good for business or morale. Check out the five warning signs that it's time to review your payroll system and the three signs as to why it's time to abandon shoebox accounting.

2. SETUP E-GST NOW

Inland Revenue is working on making tax easier for small businesses so that manual and time-consuming filing will be a thing of the past. Its plan is to help you manage GST, PAYE and Income Tax with a few clicks straight from your online accounting and payroll software.

The first of these services, e-GST is already here. You can now start filing your GST automatically through MYOB Essentials to Inland Revenue.

3. GET E-PAYE READY WITH MYOB PAYAGENT

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Next on the list is e-PAYE where you will be able to submit PAYE and Inland Revenue employer schedules electronically from your online payroll software each payday – instead of the 20th of the month which is the current process. Inland Revenue expect this service to be available from April 2019 but are working to make it available earlier to early adopters who are keen to use it sooner.

With MYOB Essentials you don't have wait. You can automate your wage and PAYE payments as well as your monthly reporting now so that when e-PAYE does roll around you'll already be sorted. The software takes care of these payroll admin tasks for you and meets your PAYE obligations. Watch how it works:

4. NEW ALTERNATIVE FOR PAYING PROVISIONAL TAX

The pay-as-you-go Accounting Income Method (AIM) is an alternative way to pay provisional tax, enabling you to submit tax payments via an online accounting solution, like MYOB Essentials or AccountRight. AIM will be with us by April 2018 and affect small businesses who have a turnover of less than $5 million p.a. But don't wait for this to swing around, get online now so you're ready to go when it's available.

5. GET A STEP AHEAD

Take the hassle out of tax changes and payroll compliance now and in the future. Stay a step head of Inland Revenue changes by moving to an MYOB online solution today. Take a free trial.

Ready to move online? Find out more about MYOB and if you need more end of financial year help, visit the MYOB tax hub.

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