End of Financial Year – hints and reminders

Welcome to our first newsletter for 2013

This month we are focusing on end of financial year. So here are some handy tips and reminders to enable a stress and hassle free reporting period.

30 June 2013 – The end of financial year is really not that far away. Who has started planning?

Our Biggest Tip

Our biggest tip – don’t leave things until the last minute! Organise your receipts, bills, invoices, paperwork and bank statements. Put everything in a folder so that they can be easily found.

Bank Reconciliation

Ensure your bank and credit card accounts are reconciled. This not only gives you a good idea of your cash position, but also ensures all items are accounted for.

Petty Cash should also be reconciled. You could try the Smart phone App Expensify to help with this process. You can scan receipts directly to your phone and run reports.

Annual payment summaries to employees need to be given to staff by 14th July 2013. Ensure you reconcile payroll prior to printing and ensure your payroll contact details for employees are up to date.

Do you have inventory/stock in your business? If so, allocate a day/time to perform a physical stocktake prior to 30 June. This will confirm quantities and values, and anything that is obsolete.

June 2013 quarter Business Activity Statements are due 28 July 2013 if you don’t lodge via a registered BAS or Tax agent.

Next Financial Year Budget

Have you thought about doing a budget for next financial year? That way you not only have goals to achieve, but you can focus on where you want the business to grow.

Make an appointment with your accountant now for year end. They will get very busy very quickly and you don’t want to be last on their priority list.

End of financial year can run smoothly and stress free. Planning and organisation is the key.

Let us help you with any questions or queries you have to ensure an easy transition into next financial year.

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