The end of the financial year is easier when the groundwork is done early. A little preparation now saves time, reduces surprises and gives you a clearer picture of where the business stands.
Get your records in order
Before anything else, make sure the numbers you are working from are complete and current.
- Bring your bookkeeping up to date and reconcile every bank and card account
- File invoices, receipts and statements so nothing is missing at year end
- Keep vehicle logbooks and any records of private use current
- Check that payroll, superannuation and PAYG figures agree with your reports
Review the decisions that sit before 30 June
Some choices only count if they are made before the year closes. It is worth reviewing them while there is still time to act.
- Pay employee superannuation early enough for it to be received and counted this year
- Weigh up any planned equipment or asset purchases and their timing
- Review stock, work in progress and outstanding debtors
- Set aside the paperwork for any large or unusual transactions
Talk to us before year end, not after
A short conversation before 30 June is far more useful than one after the fact. If you would like to walk through your position, get in touch and we will help you plan the last stretch of the year with confidence.