Being prepared for the end of the Financial Year takes organisation, commitment and planning. Now you may start to droop your shoulders and put on a sad face and think “Oh! do I have to?”
This is your business and you want the best out of your business. Look at this as being positive and pro-active for your business. Do what is right for your business and be smart with your money.
You work hard for your money during the year, be wise with Tax Time too. During the year, you spend time to develop your customer base, maintain your cashflow by being paid on time and making wise decisions on your investment. Please protect your investment when it comes to this time of year.
- First is to make an appointment with your Tax Accountant. Your Accountant will look at how you are going and will ensure you will receive the maximum benefits before 30 June. You need to have that meeting now though. Prepare before the end of the Financial Year, don’t wait until after – it is too late then.
Other things that require completing are: (this will be different for each business)
- Reconcile all bank accounts.
- Reconcile wages in your Profit & Loss to total wages in your payroll system
- Reconcile super to be paid
- Reconcile GST & PAYG to be paid
- Reconcile all Balance Sheet items
- Go through your trade debtors – are all these customers going to pay you? If not, talk to your Tax Accountant about writing them off.
- Go through your trade creditors – are you paying these suppliers? If not, write them off as well – or delete the invoices from the system.
- Complete a stock take.
- Have you started a hire purchase or a lease? Take this paperwork with you to your Tax Accountant.
This list is not exhaustive, it depends on your Business and YOUR requirements and what you have done during the year.
If this is overwhelming, sometimes it is cheaper and simpler to ask a Bookkeeper or your Tax Accountant for assistance to ensure you have everything ready for end of year. There are great savings to be had if you are organised and ready to go.
Ideally, I like to have my first meeting with my Tax Accountant after I have completed the March BAS. Organise another meeting in May or June. There is still time to make that appointment. Make it now with what you have ready. This may save you a lot of money in the long run.
The Australian Tax Office has outlined their ‘Essential Tasks at End of Financial Year (EOY), here is the link. https://www.business.gov.au/info/run/finance-and-accounting/accounting/essential-tasks-at-end-of-financial-year-eofy
Simone Greer is a Financial Accountant and has managed small to medium size businesses for 20 years. Simone is passionate about small business success and targeted her career towards finding the tools to support business owners realise their professional and personal goals. She established Vision Your Business to do just that!
Vision Your Business is unique with Simone also being a Kinesiologist and a Brain Gym Instructor and Consultant. This unique skill set enables her to walk beside you on YOUR wonderful path of discovering YOUR beautiful business.