It's nearly the end of the financial year and it can be a stressful time for many business owners but it doesn't have to be.
Keeping on top of your bookwork throughout the year makes tax time a breeze and gives you more time for business planning and growth.
Below is an EOFY Checklist for your business that will give you an idea of things you can do to help grow your business
1. Review your financial records and reconcile all accounts and create financial reports to pass on to your Accountant
When using a good accounting Software it only takes seconds to create your report. You can easily see your expenses and Income in the Profit and Loss Statement. The general Ledger gives details about all your transactions throughout the year and a GST Report will show you the GST you paid and received for your BAS Report. It is also important to review your Superannuation to ensure all Payments have been made throughout the financial year. Review and confirm that your payroll transactions match the information on your payroll report.
2. Review and update your business plan and budget for the coming year.
It is helpful to think about the new year and what changes are necessary and if a budget adjustment is necessary
3. Conduct a stock-take and update inventory records
Most businesses that sell products need to do a stock take before the end of the year. This is to see how much stock is on hand and if it matches the records. If the actual stock is not the same as you expect it to be a stock adjustment must be made. If the difference is quite big you may have to review how you keep track of your stock and if smaller stack takes would be helpful throughout the year to see if the tracking system is working
4. Review and update your insurance policies
Does your insurance still match your business needs? Its always a good idea to review any insurance policies yearly and check if you could get a better deal elsewhere
5. Review and update your contracts and agreements with suppliers and customers.
It's worthwhile checking in with the suppliers that you use to see if they can offer you better Payments Terms or Discounts. If you have contracts with Customers it is a good idea to check in with them to see if they are still happy with their contracts or whether changes need to be made.
6. Review and update your marketing and advertising strategies
When your business is starting your Advertisement needs are high and you need to ensure it reaches potential customers. But if your business is established and the mouth-to-mouth referrals are increasing you can often scale back on your advertisement and save money.