Time is ticking - are you end of financial year ready?
Time is ticking. The end of financial year is fast approaching, with just over a month to go. Now is the time to act to ensure that your business is ready. We have complied a list of key tasks to consider for the small business owner. If you already have systems in place, some of these tasks might be a simple thing to tick off, however if you’re still operating manually, you may need to put aside a little more time to ensure your business is in optimal shape come 30 June.
Review business processes:
If you don’t currently use an accounting program, should you? Which one suits your business? Do you need cloud or desktop software? Do you need to integrate other applications for inventory, etc
If you are not currently operating a separate business bank account, open one
Has your turn over reached a level that you need to register for GST?
Are you operating under the correct business structure? Ie Sole trader, company, etc
Do you have a business plan or a marketing plan? Do they need updating?
Do a stock take
Speak to your Accountant to find out if there are any tax planning recommendations:
What tax deductions you can claim?
Are you able to take advantage of the $20k small business asset write off?
Should you make other asset purchases?
Should you enter into any finance contracts?
What new tax breaks might be relevant for the new financial year?
Ensure all data is entered into your accounting system
All invoices are issued
Review debtors and if there are unrecoverable debts, should they be written off
All expenses entered
All bank accounts reconciled
Employees wages are entered and paid and the payroll accounts are reconciled
Review your asset register ensure assets are listed so calculation of depreciation is simple
Set a budget, compare your actual financial performance to budget.
Are there improvements and efficiencies to consider?
How will these efficiencies be implemented?
How do we ensure we’re keeping to our budget?
How often do we need to review?
What cash flow implications do we need to consider?
Be aware of key dates:
30 June - EOFY
14 July – Payment summaries to be issued
28 July – June quarter super to be paid (if not done already as part of your EOFY preparation).
28 July – June quarter BAS due - if lodging yourself
14 August – Payment summary annual report to the ATO
25 August - June quarter BAS due - if BAS or Tax Agent lodging on your behalf
For the busy business owner, this can be a lot to consider. Your workload won’t ease just because it is the end of financial year, indeed in a lot of industries, you can expect to become even busier at this time of year. This is where outsourcing your bookkeeping can be of benefit.
If you are overwhelmed and need some assistance, contact us. We have tools and systems to help ease your workload and stress. We love to help small business owners focus on what they do best – while we work behind the scenes doing what we do best.