March 31st is fast approaching, which means the fiscal year is coming to a close and your taxes are due. Businesses with a year-end pending are scrambling to fulfill last-minute sales, undertake stocktakes, squeeze in the last expenses, and complete accounts to meet month-end. It’s a busy and stressful time, particularly if you’re a small business owner with fewer resources and limited support.
There are many tax tips available out there from seasoned experts, but many people aren’t privy to the advantages and opportunities available through the Bartercard network. Our tax tips highlight some of the primary ways that Bartercard can help your business reduce taxable income and increase profit. These tips can be broadly applied to businesses in virtually any industry. Continue reading to learn Bartercard’s top tax tips to close the fiscal year.
Shift slow-moving stock
For retailers, stock-take is the best way to write off any lost, damaged or outdated stock to reduce taxable income. A stock-take sale can also be an effective way to sell last season’s stock to make the task easier. Almost all retailers have a stock-take sale in the lead up to tax time, but for smaller businesses with tighter advertising budgets, attracting the crowds can be a challenge. Instead of solely relying on discounting to shift slow-moving stock, smaller business owners have the option to sell their goods on Bartercard to move it quickly.
Use Bartercard as a clearinghouse
Being a part of our 6,000-member wide community, you can accept goods and services instead of using your hard-earned cash, and sell them through the Bartercard network 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 of your cash in the bank and lowers your taxable income.
Get your finances in order
We have several accountants who are Bartercard members nationwide. Use them to lodge this financial year’s paperwork, and then work with them to help you plan, and make financial decisions for the next financial year. The more business spending you can do on Bartercard, the greater the deductions you’ll enjoy come tax time.
Bartercard easily fits in with accounting systems such as Xero and MYOB making the whole accounting process simply 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.
Make Bartercard a part of your tax plan
No business owner enjoys paying taxes, but they don’t have to keep you up at night. Being savvy with your stock and finances can pay dividends when it comes time to pay tax. Contact Bartercard today to give yourself every advantage!
Our eBook: The Accountants Guide to Bartercard is a great resource for both members and prospective members/accountants. Download it for FREE!