Xero For Dummies, 3rd Edition

Chapter 11

End of Financial Year Reporting

IN THIS CHAPTER

Preparing your accounts for the end of the financial year

Getting your Xero files ready for tax time

Working with your tax accountant

A tax accountant once told me he’d saved his client $40,000 in taxes. He didn’t really save the client money. He did what a good tax accountant is supposed to do — review the business to legitimately minimise tax expenses. Tax is a significant expense — if not the single largest expense — for many businesses. A tax bill has sent many a business into bankruptcy. Scary, huh! So you need to give your business’s preparation for the end of financial year the attention it deserves. With Xero (and your reliable Xero advisory team) by your side, all processes become a lot easier. You’ll be back to the money-making side of your business in no time!

In this chapter, I cover everything you need to know about the tasks you and/or your bookkeeper can undertake for the end of the financial year, and provide lots of tips for working with your tax accountant, helping you perform the Martha Stewart of all spring cleans of your accounts. I include information on the preparation your business can do in-house, ...