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.
– 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.
– 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.
– 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.
– 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
– Complete your stocktake for inventory and update your asset register.
– 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.
– 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– Identify expenses that are no longer valid in your business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 email@example.com