Inner West Accountant Tips – Are you ready for financial year end!
It’s the end of the financial year again, meaning time for us Aussie small business owners to get our books in order and in check. Good preparation and checks are crucial
Top 9 small business year end checklist
You can feel confident and prepared by working your way through this following business year end checklist:
- Making sure your accounts are up to date. Reconcile all your accounts and bank statements.
- Contact your accountant to discuss options for reducing your tax bill.
- File all your source documents in an organised manner, including receipts and invoices– either on paper or in soft copy. It will make the life of your bookkeeper or accountant far easier.
- Check all employee details are complete. Issue Payment Summaries by their due date.
- Pay your superannuation liabilities by 30th June if you want the tax deduction in this financial year.
- Check all subcontractor details are complete for Subcontractor Report production – due to ATO by 28th August.
- Performing a stock take if you have stock (or inventory) is useful, if not mandatory.
- Review your fixed asset list for any items you’ve disposed off or no longer use. Make sure you post appropriate depreciation entries.
- Review your debtors and creditors for accuracy – write off bad debts and clean up your accounts payable if necessary.
Other factors to watch out for include: tax codes, superannuation changes, instant asset write-offs and company tax rates.
It’s a good time of year to sit down with your bookkeeper or accountant and reflect on the performance of your business for the previous 12 months. You may just find great opportunities to save, improve and plan for the year ahead. This includes:
- Did you spend more or save more this year? Are there areas in your business you can reduce further costs?
- Should you increase your prices?
- Are you comfortable with your staff levels?
- Do you have good systems and processes?
- Is your bookkeeping and administration still a burden? Can it be automated?
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