Business owners must prepare for new financial year

Business owners must prepare themselves for the new financial year, says Tim Reed, CEO of MYOB.

The Federal Government’s new compliance requirements will apply from 1 July 2009. In addition to payroll changes for the 2009/2010 financial year, there are also changes to superannuation reporting and payment summaries. Business owners must ensure that they are prepared for the changes.

“The economic downturn is having an impact on businesses and the pressure is really building…it’s important that business owners take a step back and develop a sound business plan for overcoming future challenges,” said Reed.

According to the March 2009 MYOB Small Business Survey, 78 percent of small business owners do not have a plan or strategy to ensure their business survives through a potential economic recession.

Reed has urged small business owners to seek advice from a specialist to ensure their business is running at its best.

“An accountant can not only help with tax and accounting related matters, but they can also assist business owners with business planning, financial goal setting, and cash flow management.”

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