For most of us tax payers, March 31st marks our end of financial year. It’s often a mad rush to find all the receipts and invoices, as well as counting out stock and accounting for all our assets. Then there are all the bills to pay and monies in to chase up too! It’s no wonder so many small business owners hate the end of financial year!
Embracing Your End of Financial Year Requirements
It’s nothing new. We know it is coming. Yet so many of us leave everything to the last minute and often for different reasons. You might hate paperwork or find looking at numbers makes you cross-eyed. But being organised and facing the challenge head on brings both financial and emotional rewards. You feel great because you have done it and you save money by having everything ready for your bookkeeper, so they don’t need to spend time chasing it up.
We’re here to help you save that money and feel great!
We’ve created an end of financial year checklist for business owners to make things easy.
- Gather all your financial documents
This includes things such as:
- Bank statements
- Suppliers invoices
- Wage book and IR345 forms, or a printout of a computerised payroll
- Find and/or record all the appropriate business information
- How much cash you have on hand
- A copy of your stock count – if it is over $10,000 in value
- Any fixed asset purchases
- Records of mortgage loan payments, fixed asset purchases, hire purchase agreements, sale and purchase agreements
- Value of any work in progress
- Any cash you received during the year which was not banked
- Any home office expenses such as power and rent
- Get all your tax information together
- Interest and dividends received
- Motor vehicle log book
- Entertainment expenditure
- Details of fringe benefits
- Changes in directorship or shareholders
- Employee holiday entitlements
- Copies of GST returns
- Any money you are owed or owe another person or business
- Any bad debts you have written off
- Donations you have made
Organising Your Bookkeeping Records
Here at Do the Sums, numbers give us a kind of thrill. It’s nothing kinky or anything, but rather that to us, numbers are incredibly exciting. There is nothing more satisfying than putting all the pieces together and completing the end of year financial records!
We’d love to help you sort out yours too! Give us a call or send us an email and we’ll make sense of those numbers for you.