End of financial year is upon us (oh joy), and we bet you can’t wait to get stuck into your taxes. Jk, we know you’d much rather have your fingers working through hair than flicking through receipts for your accountant, Grant.
Since it’s not everyone’s favourite time of year (except Grant’s), we wanted to make the parts where Shortcuts plays a role at least a little bit easier for you!
Perform a stocktake
With Shortcuts you can complete your ever important stocktake, to make sure your stock levels are as spick and span as possible. We recommend performing a stocktake regularly to catch any discrepancies before they become a problem. You’ve all probably experienced the nightmare that is selling a product to a client, but your stock count is out, and that product doesn’t exist on your shelves. Breaking that news is a big ol’ nightmare!
At tax time, this is extra important so you can gain an accurate understanding of your inventory and its value.
View the stock control report
Once you’ve completed a stocktake, Shortcuts bundles all that good data up into an easy-to-read report, so you can see a full summary of your stock count and value on hand.
Our talented Shortcuts Coach, Maria, prepped a super quick video that highlights how to perform a stocktake, and view the stock control report. Have a watch and hopefully it helps you out this tax season <3
If you’re looking for a step-by-step guide on how to do a manual stocktake in Shortcuts, click here.
Get savvy with claiming
Rally up those receipts – it’s time to claim back on your business expenditure from the financial year! Some things you could claim on is your Shortcuts subscription, education with one of our experienced coaches, hardware, and little salon tid-bits like eftpos receipt rolls.
In this year’s Budget, it was announced that you could claim a BONUS 20% deduction on technology and education in your small business. Coined the Digital Tax Boost and Skills Tax Boost, it’s the government’s initiative where they’re dedicating $1.6 billion in tax relief to support small businesses to get teched up and skilled up! Check out our original article on the boosts here, and the government’s official announcement here.
As always, check with your tax agent on the status of this announcement, and what you can claim on for your business’s unique circumstances. Grant knows best.
