End of Financial Year Checklist

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June is a busy month when it comes to managing a business – current financial year activities need to be completed, while at the same time planning needs to be done to start the new financial year off right.

FirstPoint Bookkeeping have created a checklist to help you survive the EOFY and get the best start to 2017-18.

Tax Planning 

– Check in with your accountant for tax planning advice prior to 30 June 2017.

– Take advantage of the Governments $20,000 asset write of scheme.

Business Planning 

– Assess how your business performed 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 

– Ensure that your accounts are 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 considering implementing new accounts & payroll systems for your business, do that now so that it can be implemented for 1 July 2017.

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– Identify expenses that are no longer valid in your business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.

For more information specific to your business please call our office on (03) 9338 8889 or by email info@firstpoint.expert

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