End of Financial Year Checklist

End of Year ChecklistJune is a busy month for managing a business.  The current financial year activities need to be completed, while at the same time planning needs to be done to start the new financial year in the right way.  The following end of financial year checklists includes some key items that you can do to end this year, and start next year, in the right way.

 

Tax Planning
  • Check in with your accountant for tax planning advice prior to 30 June 2016.
Business Planning
  • Assess how your business did over the last financial year and do some forward planning to make sure you get the results you want this year.
  • Put in place budgets for the coming year to keep your business on track.
Bookkeeping
  • Get your accounts up-to-date for the end of year.
  • Do a review of the accounts for the whole year and a GST reconciliation.
Compliance
  • Get information up-to-date to meet compliance requirements for tax office, including payroll, super, Taxable Payments Annual Report, BAS and Tax.
  • The key dates calendar will help with know when things are due.
  • If you have to chase up information from others, allow time to collect this.
  • Make sure a Superstream compliant system is in place for businesses.
Assets
  • Complete your stocktake for inventory and update your asset register.
Business Systems
  • If you have been thinking about setting up new accounts & payroll systems for your business, do that now so that it can be implemented for 1 July 2016.
Review
  • This is also a good time of year to review your expenses, insurances, cashflow and collections.
    • Identify expenses that are no longer valid in your business
    • make sure insurance is current and coverage is adequate
    • look at ways to improve cashflow so that this is not an impediment to the business achieving its goals in the coming year, and
    • look at collecting outstanding money to get the new financial year off to a great start.

 

This list is a general guide to the things that you can be doing in your trade and construction business.  For more detail, specific to your business, contact your accountant or bookkeeper.

If you would like to discuss this activity with Clever Cow, including Business Planning and implementation of your bookkeeping system, call please call our office NSW (02) 9981 3137 or email info@clevercow.com.au