Achieving a compliant, efficient month-end and EOFY

The end of financial year (EOFY) is a time that many small and medium businesses (SMBs) dread. In addition to the complexities of JobKeeper, knowing every financial obligation and entitlement can become overwhelming, particularly if businesses are not overly confident in their books. Lost receipts, expense mistakes and inadequate record-keeping result in a stressful, potentially non-compliant EOFY, according to SAP Concur.

Businesses that ensure good financial practices are followed each month will enjoy a simpler EOFY and minimise their tax burden. Accurate data capture and analysis is a vital part of compliance, however, manual finance systems often can’t deliver this value.

“Automation turns a stressful, tedious scramble into an efficient process. It also makes it easy to forecast the business’s cash flow and gives the management team valuable information they can use in business planning and strategy." - Fabian Calle, managing director – small to medium business (A/NZ), SAP Concur

SAP Concur has identified three issues that prevent an efficient month-end for SMBs, read the full article for more details on Dynamic Business.