With the end of the financial year (EOFY) fast approaching, New Zealand business owners and fleet managers are facing a whole bunch of boxes to tick.
Here are our 3 quick tips to help you save time and get your business EOFY-ready:
1. Let digital tools do the work for you
It’s at this time of year that going paperless can really help streamline admin tasks and save time. Try to automate as much as you can using bookkeeping software like Xero and your fuel card management portal, CardLink Online.
2. Get organised with statements and reports
A little organisation goes a long way at tax time. Start by gathering all necessary documentation, such as statements, invoices, and any other documents outlining the business’s income and expenses.
At CardLink we provide you with a single tax statement, so there’s no need to waste time finding and tallying up fuel receipts from drivers.
A single tax invoice and statement itemises the GST payable for all your fuel purchases. That’s one of the biggest benefits of a fuel card – it helps ensure you don’t miss claiming a single cent at tax time due to lost receipts.
You can view, download, and print your invoices for the past 12 months on CardLink Online – go to the Statements/Invoices tab.
3. Look to the year ahead
With an unpredictable market, it is crucial for every business to be armed with the right data to better manage costs, especially when it comes to your fleet.
Fuel is one of the largest expenses any business with vehicles. And with the constant fluctuation in prices, mismanagement of fuel spend can seriously damage your bottom line. But there is lots of data available for you to better manage your fleet costs.
For example, CardLink provides a wide range of reports to give you a clear view of your card activity and transactions, so you can keep control of your expenses through the year – not just at tax time.
View your reports in CardLink Online, and you can also download CSV files for invoices, card reports, and transaction reports.
Tax time is just around the corner, so start preparing now.
To get the best results, always keep records and work with a trusted tax accountant or bookkeeper. For more information please visit the Inland Revenue website.