Reduce Your EOFY Stress With These 7 Tips

Financial Year ReportingWe are counting down to end of another financial year, and we all know how much work is looming in July. So here are some tips to help you get ready in advance to reduce your stress levels and your work levels.

If you need any extra help around financial and payroll year end, you can call on us.

  1. Speak to your accountant and send your financial statements to them before the end of the financial year so that if there are any strategies to be put into place, they can be done before the end of the financial year.
  2. Provide bank, credit card and loan statements to your bookkeeper to ensure these loans are reconciled at the year end and deductible interest and bank fee expenses have been entered. It is also important to have loans between your various entities reconciled at the end of the financial year. Check that accounts are reconciled at least to the end of the last BAS period.
  3. Inventory reconciliations. While an accurate stock take conducted at the end of the financial year can be time consuming, it will provide an important overview of where your business is at. Without an accurate stock count, your profit reporting will be less accurate. To make stocktaking easier, check out this link to MYOB’s tips for a successful stocktake. Read ‘9 Handy Hints to Making Stocktaking a Breeze‘.
    Keeping your stock records accurate during the year will greatly help when it comes to the end of financial year. For larger businesses, software such as Ostendo specialises in keeping track of complex inventory requirements. For more information on Ostendo, or keeping stock records [ryvl video_url=”” auto_play=”yes”] check out our video [/ryvl].
  4. Review your balance sheet and profit and loss accounts. You should read through your reports to make sure that they look accurate and make sense. For example, if you see negative figures, that should flag that there may be an error in your accounts. If you see strange balances (eg large balances in your superannuation payable accounts), that also should flag that there may be an error. Anything labelled a clearing account should be reconciled back to zero.
  5. Ensure that your payables are reconciled to your supplier statements
  6. Reconcile your BAS and PAYG against the figures that have been supplied to the ATO to make sure that the figures have not changed. If they have, you may need to resubmit the BAS for that period.
  7. If you are in the building and construction industry, make sure that you are across the Taxable Payment Reporting and ensure your software is set up to handle this correctly. 2 Peas can help you set up your software to report this accurately. For more info read ‘Taxable Payments Report‘ on the ATO website.