End of Financial Year

Here we are close to the end of the

financial year so as a business owner what do we need to do from a financial perspective to make sure that we are not going to be hit with unexpected issues and problems come the 1st of July? My top five tips:

  1. The most important thing is to make sure your records are up to date. If your records are not up to date you can’t make the decisions that you need to make at this time of year. This is also important with going forward because if you are working on budgets you need to know what you are currently spending and what is currently coming in.

  2. Make sure that your payroll records are correct so that when it comes to issuing payment summaries in July you have no issues or problems with those.

  3. Other decisions that need to be decided upon include the question of ‘do we need to spend more?’ How do we deal with potential tax bills and liabilities? What is our financial position currently?

  4. Look at next financial year. If there’s plans for expansion for example, there needs to be money set aside in budgets for it or at least allowed for it in potential spending. Tax is another issue and this is the one that is potentially is the easiest to sort out if you know what your tax liabilities is potentially for the year you can take steps to minimise that liability.

  5. Tie up any loose ends in the bookkeeping – in particular, write off any old accounts receivable and payable invoices.

If you need any help in preparing for the new financial year please feel free to give Mark a call on 0478 814 712 and he can assist you with the planning for changeover for the new financial year.