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Research from MYOB has revealed that 35 per cent of SMEs do not start their end of financial year paperwork until after June, while making significant “personal sacrifices” to meet their obligations.
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One third of SMEs late on EOFY paperwork
23 June 2016
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The MYOB Business Monitor, a bi-annual national survey of more than 1,000 SME business owners also found that small business operators are working weekends and evenings to meet their EOFY obligations.
“Many small business operators are making significant personal sacrifices over and above running their day-to-day business, making EOFY not only stressful but a period where meeting their EOFY obligations is eating into time that should be spent on working to achieve business results,” said John Moss, chief strategy officer, MYOB.
In the lead-up to this year’s EOFY, 42 per cent of operators have reported working weekends, up 5 per cent from the previous year, and a further 26 per cent are working after midnight to meet their reporting obligations.
“This is one of the most important administrative activities of the business year and getting it right can mean the difference between business success and failure,” Mr Moss said.
The research found that SMEs in the agribusiness sector were most likely to start preparation once the financial year ended (53 per cent).
Interestingly, business owners in the older demographics - including baby boomers - were also more likely to start preparation later, at 41 per cent and 44 per cent respectively.
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Many sole operators are also following this trend, with 41 per cent beginning the process post-June 30.
“What we’re seeing here is a discrepancy between how small business owners are feeling and what they are willing to change. We know SMEs are feeling the pressure, yet a third of SMEs say they won’t be doing anything to cut down the time it takes to get ready this year,” said Mr Moss.
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