Boring resolutions are often the best
David Briese • January 6, 2016
We all know how exciting and satisfying it can be when making resolutions. Many people adopting the traditional vow to get healthy learn a new skill or take up a new hobby, but not many people are pledging to get their tax in order as the tunes of Auld Lang Syne ring out.
As mundane as your resolution may seem, sticking to it can allow you the chance to chase after the more lofty and exciting resolutions.
BMO Partner Dave Briese has put together some tips for setting up a financial record keeping system and how to stick to it.
- Throw away the shoebox method . Are you in the habit of just throwing all your receipts into a shoebox and dumping them on your accountants’ desk come July? Forget that method and take a swift step into the New Year, with a new method of keeping your receipts in a folder. Using tabs can help separate medical expenses from car expenses etc. It’s also important to remember that over time receipts tend to fade, taking a copy, scan, or photograph can be a good idea.
- Get a system that suits you . Before you run out and spend hundreds of dollars on software, talk to your accountant. Depending on your needs, a simple spreadsheet may suffice or you may be suited to using cloud-based accounting software. If you’re recording information in a spreadsheet or accounting package, it’s vital that you keep an actual copy of your receipts.
- Go electronic . There are a number of smart phone apps available that allow you to scan your receipts on the go. Remember for any electronic records you may have, do a regular back up.
- Know what you need to keep. As a general rule, keep records of any income you have received and any expenses you have incurred while generating your income. There are rules about what is and isn’t deductible depending on your profession, talk to your accountant about what records you need to keep.
- Don’t leave it to the last minute . Relying on your memory when June 30 th rolls around isn’t the best way to go about things. Having the right records means a more accurate tax return, which can mean more money in your pocket.
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After an incredible career dedicated to supporting regional businesses, farming families and rural communities, BMO Business Centre Partner Adrian Rasmussen will officially retire from the partnership effective 30 June 2026. For many across the Western Downs and beyond, Adrian has been far more than an accountant or advisor. Over decades in business, he has built trusted relationships grounded in honesty, loyalty and a genuine understanding of regional life and the people who live it. Adrian’s connection to the country and agriculture has always been at the heart of who he is. He has worked alongside generations of farming families and business owners through seasons of growth, challenge and change, becoming a steady and respected presence for clients, colleagues and the wider community alike. Reflecting on his time at BMO, Adrian said the relationships formed throughout his career have been among the most rewarding parts of the journey. “It has been a privilege to work with so many wonderful people over the years; not only clients, but colleagues and communities who have become lifelong friends,” Adrian said. “Regional communities are built on relationships, trust and supporting one another, and I’m incredibly grateful to have been part of that throughout my career.” BMO Business Centre Managing Partners Kelvin Tyler and Michelle McVeigh said Adrian’s contribution to both the business and the region would leave a lasting legacy. “Adrian has played an incredibly important role in shaping BMO into the business it is today,” they said. “His care for clients, commitment to regional communities and calm, practical approach have earned enormous respect across our industry and the communities we serve. While we will certainly miss having him in the office, we are excited for Adrian and his family as they enter this next chapter.” While stepping away from the partnership, Adrian is looking forward to spending more time with family, on the farm and enjoying a well-earned change of pace after many years dedicated to supporting others. Everyone at BMO Business Centre extends their sincere thanks to Adrian for his years of service, friendship and leadership, and wishes Adrian and his family all the very best for the future.
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