The end of the financial year is fast approaching for Kiwi businesses, and that can pile unneeded pressure onto business owners. With so many tasks to manage already, some of the basics of bookkeeping can get pushed down the priority list. For many NZ business owners, the end of the fiscal year often becomes a last-minute scramble to get everything filed to ensure you fulfil your obligations to the IRD and demonstrate AML Compliance. On top of all that, you still have taxes to pay!
Using a system such as MYOB or Xero can greatly assist your bookkeeping processes. Better still, Bartercard works seamlessly with such platforms to more easily integrate your finances and manage your bookkeeping responsibilities.
As we close the end of another financial year, consider these tips from Bartercard to reduce your taxable income, increase profits, and alleviate a little stress.
Shift idle stock
A stocktake is the best way to write off any lost, damaged or outdated stock to reduce taxable income. Shifting last year’s stock through a flash sale can be an effective way to clear the shelves and ready them for the new seasonal stock of the next financial year. Another option to consider is the Bartercard Marketplace, which allows Bartercard members the option to sell inventory via trade rather than having to rely on discounting to shift slow-moving stock.
Get your finances in order
As we mentioned above, Bartercard fits easily with accounting systems such as Xero and MYOB, making the whole accounting process simple and easy to use. Bartercard members can conserve cash flow across a diverse mix of products and services, readily available on Bartercard, to make significant savings and enjoy higher expense deductions.
Amongst our 10,000 cardholders, Bartercard has several accountants throughout New Zealand. Use them to lodge this financial year’s paperwork, and then work with them to help you plan and budget for the next financial year. The more business spending you can do on Bartercard, the greater the deductions you’ll enjoy come tax time!
Use Bartercard as a clearinghouse
As a Bartercard member, you can accept goods and services instead of using your hard-earned cash, selling them through the Bartercard community to make further capital purchases and reduce your taxable income.
Bartering goods and services is an effective way to reduce cash expenses, and the Bartercard network offers a safe and secure network to fill your business’ spare capacity with trade dollars. Using Bartercard to offset cash expenses keeps more cash in the bank and lowers your taxable income. Become a Bartercard member today to reap the rewards for the new fiscal year!