End of Financial Year is coming.
End of Financial Year is coming. It is important to start getting your house in order now to avoid cramming months of bookkeeping into the last minute dash. Pre planning = less stress.
Here is our 10 point check list to a smooth stress free EOFY –
- Book an appointment with your accountant for a tax planning session. . Make sure you discuss the deductions, write-offs and rebates available to your business.
- Record transactions as you go. Make sure you enter all sales, purchases, payments and receipts before 30 June.
- Get ready to stocktake. A stocktake will allow you to write-off any broken/obsolete/stolen stock.
- Reconcile your bank accounts. Make sure your balances in Xero match the bank statements.
- Reconcile your accounts receivable and accounts payable. Chase old outstanding accounts, and pay what you can.
- Reconcile your payroll. Make sure what is in the pay run is what you have paid! This includes super and PAYG.
- Review accounts and reports. If everything has been done correctly, this should just be a matter of making sure that everything matches up, anything that looks odd can then be investigated.
- Provide all necessary financial information to your accountant or bookkeeper. This may include receipts for Asset purchases, bank statements for all accounts and credit cards. Ask your bookkeeper or Accountant for what they require.
- Your accountant or bookkeeper may need to enter adjustments to your reports or accounts. Once this is done, lock your accounts so no new changes can be made. Your bookkeeper can help you do this.
- Prepare for the new financial year. Review your business plan, products, goals, standards and marketing. See what’s working and what’s not. Use your reports to help make decisions.