The Ultimate End of Financial Year Survival Guide for busy Tradies
The Ultimate End of Financial Year Survival Guide for busy Tradies.
A stress free EOFY is possible with our 10-Point Checklist
EOFY. These four little words can strike a mixture of emotions in any business owner; anticipation, fear, joy, surprise and annoyance. And you’re not alone, most business owners experience the overwhelm and stress of EOFY.
It’s a busy time of year, with so much to be done in addition to the regular workload…
- Payment Summaries
- Reportable Contractor reports
- Not to mention having your bookkeeping up to date for the Accountant to work their magic.
It’s all about getting your shit together now and being prepared.
To help you out we’ve put together a handy EOFY 10-Point Checklist. Designed to take the stress out of EOFY prep and help you get organised.
We know this works because it’s how we prep our clients for EOFY. This approach will help with tax planning and set you on the front foot for next year and move you from stressed out to optimistic.
Follow these steps to survive and thrive through the EOFY process.
- Book a “Tax Planning Session” with your Accountant.
a) Make sure you discuss deductions, write-offs and rebates available to your business.
- Record transactions as you go.
a) Make sure you enter all sales, purchases, payments and receipts before 30 June.
- Get ready to stocktake.
a) A stocktake will allow you to write-off any broken or stolen stock.
- Reconcile your bank accounts.
a) Make sure your balances in Xero match your bank statements.
Sometimes glitches happen and a line may be omitted or duplicated in Xero.
- Reconcile your accounts receivable and accounts payable.
a) Get statements from your suppliers and ensure it matches what you have. Sort out any issues as they arise.
b) Chase debtors and reign in as many outstanding invoices as you can. Maybe it’s time to bring in the big guns, aka Debt Collectors.
- Reconcile your payroll.
a) Make sure what is in the pay run is what you have paid! This includes super and PAYG.
- Review accounts and reports.
a) 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.
a) This may include receipts for Asset purchases, Bank Statements for all accounts and credit cards. Ask your Bookkeeper or Accountant what they require.
- Your Accountant or Bookkeeper may need to enter adjustments to your reports or accounts.
a) 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.
a) Review your business plan, products, goals, standards and marketing. See what’s working and what’s not. Use your reports to help make decisions.
One of my favourite quotes is by an unknown author – “Prepare and Prevent, don’t repair and repent”. With a little bit of preparation, you can save yourself time, money and stress.
For more information on getting the most out of the end of the financial year, Give as a call and set up a consultation.
Tax time doesn’t have to be stressful. Planning and being proactive is the key to minimize your liability.
Like to know more ?
If you have any questions on how to manage your bookkeeping or getting EOFY ready, contact us at Price Bookkeeping Solutions as soon as possible. We specialise in helping Tradies get their arse into gear.