Last minute tips for end of financial year
30 Mar 2016
The financial year for New Zealand businesses finishes on the 31st of March and can be a stressful time for many business owners according to leading accounting software company MYOB. Research has shown that many owners will be pulling all-nighters and missing out on time with friends and family in order to complete their compliance obligations.
MYOB National Sales Manager and chartered accountant Scott Gardiner says that it is easy for small business owners to leave their end of financial year obligations to the last minute.
“Often SMEs become so focussed on day-to-day operations of running a business that some of the less exciting aspects, such as bookkeeping, can get pushed aside – creating more pressure in the reporting season,” he says.
“While early preparation is best, it is still not too late for business owners to get their accounts in order.
“There’s a few things that all businesses can do to make sure they’ve got everything in order and are ready to start the new financial year on the front foot.”
- Discuss taking advantage of deductions, write-offs and rebates with your accountant and review your assets register to write off worthless stock, plant and equipment.
- Give your accountant or bookkeeper a complete copy of all your financial files – or give them access to your cloud files to they can do the work for you.
- Give your payroll reports a final once-over. Although you don't need to provide a summary to your employees, it's a good idea to give them Earning Certificates as these can be used to check information provided by the Inland Revenue.
- Finalise end of year adjustments with your accountant or bookkeeper and once changes have been updated, lock all accounts relating to that year so that data remains accurate. This will help ensure an easy transition into the new financial year.
- Create a separate copy of your accounts and back it up – it’s better to be safe than sorry. It’s also always a good idea to print key reports like P&L, Balance sheet and general ledger listing for the financial year and store them securely.
- Finally, reflect on your business plan and make sure you’re on the right path. It’s a good chance to consider how your business can benefit from cloud accounting solutions that will make the next end of financial year easier to manage.
“To all those business owners, accountants and bookkeepers working to have things in order before the end of the year, we wish you all the best. And don’t worry, the next end of financial year isn’t for another 365 days so there’s plenty of time to get ready for it,” says Mr Gardiner.
Business owners can visit www.myob.co.nz/eofy for more hints and tips.
For further comment or other information please contact:
Rebecca Huang, MYOB NZ Public Relations Consultant
P: 09 925 3505 / M: 021 1122 720/ E: email@example.com
Gerard Blank, The Agency Communications Limited Director
P: 03 341 5841 / M: 0275 243 629 / E: firstname.lastname@example.org
MYOB (ASX:MYO) is a leading cloud based business management solutions provider. It makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, websites, job costing, inventory and more. MYOB provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and in 2015 was awarded the BRW award for the most innovative large company for 500+ employees and placed 2nd in BRW’s Most Innovative Companies Award list across all categories nationally. For more information, visit myob.co.nz or follow @MYOB on Twitter.