If you find the end of a financial year a challenge, you are not alone. New research from Xero has revealed that 71% of small business owners find this time of year stressful.
Of the aspects related to financial year-end, 83% of business owners found one or more overwhelming.
Navigating tax compliance took the lead with 33%. This was followed by gathering financial data (32%), the time investment required during this time of year (30%), staying on top of receipts (28%) and balancing financial deadlines with day-to-day operations (26%).
Xero Australia managing director Anthony Drury said the research also revealed this stress had been compounded by current economic challenges, including rising costs of living and small business labour productivity.
“We always encourage small business owners to connect with their accountant or bookkeeper throughout the year to make end-of-financial-year preparations easier,” said Mr Drury.
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