As the financial year draws to a close, it’s essential to ensure your business is financially and legally prepared for the new fiscal year.
Here’s a comprehensive checklist to help you navigate the end-of-year tasks efficiently:
1.Reconcile Accounts
Bank Reconciliation: Match your bank statements with your accounting records.
Accounts Receivable: Ensure all outstanding invoices are accounted for and follow up on overdue payments.
Accounts Payable: Pay any outstanding bills and record all expenses.
2. Stocktake Inventory
Conduct a physical inventory count.
Write off any obsolete or damaged stock.
Update your inventory records to reflect accurate stock levels.
3. Superannuation Contributions
Ensure all employee superannuation contributions are up to date.
Consider making personal super contributions for tax benefits.
4. Employee Obligations
Payment Summaries/Income Statements: Prepare and issue payment summaries to employees or ensure Single Touch Payroll (STP) reporting is finalized.
Leave Balances: Review and adjust employee leave balances.
5. Lodging Tax Returns
Prepare and lodge your Business Activity Statements (BAS) with your BAS agent.
Lodge your annual tax return with the Australian Taxation Office (ATO) with advice from your Tax Agent.
6. Update Business Records
Ensure your business records are up to date, including ABN, GST registration, and business licenses.
Update your business details if there have been any changes (address, contact information, etc.).
7. Review Financial Performance
Assess your business performance over the past year.
Identify areas for improvement and set financial goals for the next year.
8. Plan for the New Financial Year
Set a budget for the coming year.
Develop a cash flow forecast.
Plan for any major purchases or investments.
9. Review Financial Statements
Profit and Loss Statement: Ensure it accurately reflects your income and expenses.
Balance Sheet: Verify your assets, liabilities, and equity.
Cash Flow Statement: Assess your cash flow over the year.
10. Seek Professional Advice from Tax Agent/Accountant.
Consult with your finance team (bookkeeper, accountant or financial advisor) to ensure compliance and optimise your financial position.
Stay informed about any changes in tax laws or business regulations.
By following this checklist, you can ensure your business is well-prepared for the new financial year. Taking the time to review and organise your finances will help you make informed decisions and set your business up for continued success.
For more tips on managing your small business's financials, feel free to reach out to Lauren and the team at Bayside Admin and Bookkeeping.
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