Well, it is getting to that time of year again when we see “EOFY Run out” type of advertisements across the media. It IS going to occur, and it does involve quite a bit more work as the End of Financial Year (EOFY) approaches and passes.
Here are a few things you can do to prepare your business for the End of Financial Year that will save you time, save you stress, save you sleep, and save you money:
Are there some invoices that need to be written off as a bad debt?
Are there some that need to be followed up to ensure they are paid by 30 June?
Are there orders you have placed that you would like to pay for prior to 30 June?
Are there purchases that you would like to make prior to 30 June, e.g. staff training, asset purchases?
Meet with your Accountant
Have you arranged to meet with your accountant to discuss Tax Planning? Talking to your accountant too close to or after 30 June may be too late.
Slow moving stock or old stock on hand – now is the time to get these off the shelf.
What specials or incentives to attract sales of these items can you activate?
What method and media will enable the movement of this stock?
Extra Superannuation contributions – now is the time to think about making extra superannuation contributions. Speak to your accountant or financial advisor.
Have you been reconciling your accounting system bank accounts with actual bank statements?
This is a simple exercise that you can complete that will save a lot of time post 30 June when it is time for EOFY reconciliations.
Does your organisation comprise of multiple entities with separate accounting system files? Now is the time to make the necessary reimbursements and reconcile your accounts between each entity business.
Locate the paperwork for equipment, motor vehicles or any asset purchase greater than $1,000 that you have made throughout the year and either upload these documents into your accounting system or copy them for your accountant.
Single Touch Payroll
Are you ready for Single Touch Payroll (STP)?
Have you provided the ATO STP Fact Sheet for Employees to your employees so that they are fully aware of STP?
Have you chosen how you will be filing your Pay event STP report to the Australian Taxation Office (ATO)?
For those businesses with less than 20 employees this is starting on 1 July 2019? And if you have 20 or more employees, you will be reporting this already, unless of course, you have received an exemption.
Those of you who do not use an online accounting system and do not wish to move to one, have a look at ATO’s list of STP reporting tools. Click on the link below.
These are just a few tasks that will help you prepare for EOFY before 30 June. The following links may also assist with further information.
Need assistance with any of these tasks? We are MYOB and Xero specialists, and can do this either for you or provide you with training, whether in a face-to-face class room training, 1-1 at your premises, or online/remote training – Contact Elke at firstname.lastname@example.org or call 0410 819 783.
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