As the weather gets warmer, it can be tempting for small businesses to put tax and financial management on the back burner. However, these are tricky times for small business owners, with Australia experiencing rising interest rates for six months in a row. So how can SMB spring clean their finances?

An SMB spring clean is a perfect opportunity for small businesses to set themselves up to flourish and establish good financial habits.

Year-round strategic advice

To help future-proof your business, business owners can engage an accountant or bookkeeper to plan their year and budget for all the potential variables. This will help keep their business in the black and map out opportunities to save money, drive sales or seek assistance.

Many business owners say their advisors are a lifeline. Many have leant on their advisors for emotional support, as well as guidance for their business.

Advisors will keep you up-to-date with the constantly changing legislation and other updates, so that you are informed and working to the latest guidelines.

Embrace digital tools

Digitising your business and using cloud accounting software provides you with important analysis, reminders and records, saving you valuable time and needless stress. For example, you can upload receipts automatically, use software to track your mileage on-the-go, see a dashboard of your finances and receive notifications to remind you to chase payments.

Digital tools can help you maximise your tax deductions and reduce the chances of human-error or vanishing files. You might also be able to deduct a further 20% when digitising your business or investing in skills and training, thanks to the Small Business Technology Investment Boost and Small Business Skills and Training Boost.

These small changes transform business bookkeeping into a seamless experience and can help to set you up for growth this spring.

Advice from Shaye Thyer, Head of Accounting at Intuit QuickBooks