Hub Australia is home to Australia’s best growing businesses, bringing them together in premium coworking and shared office spaces across the country.
With the end of the 2019 financial year approaching, three expert Hub members share some of their top finance tips to make the most of FY20 – download the full list here!
1.Maintain appropriate records
The administrators of the R&D Tax Incentive program, the ATO and AusIndustry, have repeatedly focused on the importance of good record-keeping in business.
R&D Tax claimants need to make sure they maintain robust records of contemporaneous evidence, demonstrating evidence of experimentation through your research and development stages.
These include time-tracking systems, activity recording mechanisms, and detailed financial documentation.
-Clearpoint Ventures, Dr. Pavel Reddy, Managing Director
2. Your accountant can be the best asset in your business
Accountants are passionate about helping businesses grow and succeed. Most of them are running their own business themselves so they know what you’re going through.
Now is a good time to ask your accountant if they can help with business planning, budgeting and putting the right KPIs in place to keep your business on track.
By using cloud tools, they can also monitor your business activity in real-time and help keep you accountable for what you want to achieve in 2020.
Before the financial year starts, arrange a meeting to talk about your goals and plans so you can work together on putting the right strategy in place.
3. Track your (R&D) expenses and get them audit ready
We use Xero and Receipt Bank together to make sure our clients can easily track all your R&D expenses, and you should too.
And in the face of increasing audit activity by the ATO you should make it easy to capture the underlying R&D-able contractor invoices … just in case.
-Standard Ledger, Remco Marcelis – Founder