SMALL business owners and individuals need to use the End of Financial Year to reflect and set goals, an industry expert says.
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Accountant and small business advocate Zac Hayes said while tax time could be stressful for those feeling the pinch of a high-inflation environment it was important to take stock.
"It's vital to set goals for the next financial year," he said.
The managing director of HA Accounting, which has practices in Albury and Tocumwal, Mr Hayes said cash was going to be king in this economy.
"I've been advising clients about whether they need to be spending," Mr Hayes said.
"They should be paying their tax in a smarter way; not spending to save on their tax bill."
Mr Hayes said post-COVID government grants and supports and low interest rates, cash was now drying up in this economy.
"We need to use technology and automated invoice reminders to operate more efficiently instead of processing everything manually.
"It costs time and energy to not automate."
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