There’s lots to do as a business owner as you focus on year-end accounting and bookkeeping tasks in addition to some forward planning for the new financial year. To help simplify things, here’s a handy EOFY checklist for businesses.
How to take stock – and conduct a stocktake – before 30 June.
In the final two weeks before tax time, there’s a growing list of things any business owner should be doing to prepare. Here are the priorities.
Review your expense accounts three weeks prior to submitting your tax to ensure your Profit and Loss statement is accurate in a timely fashion.
Welcome to the fourth week before tax is due. Now is the time to review your income accounts, refund expenses and check for any deposit errors.
Reviewing the superannuation account and the PAYG Payable account works in much the same way as your bank accounts and credit card accounts with one exception and that is that the ‘new statement balance’ will always be $0.00.
If there is an account that you are disputing, why not get it settled before 30 June?
This is a great time of the year to review what monies are owed to you – remember you are not in the business of lending money!