The Ultimate EOFY Checklist For Your Small Business

Review And Coordinate Your Account

Do you have any outstanding debts or vice versa? Say you’ve paid for Google Ads in Australia but your account is overdue or maybe you’ve provided a service to someone else who now owes you. Use this period to get on top of what you’ve paid to others and what they’ve paid you. You’ll want to make sure you pay vendors any money owed as well. Sorting all this out means you won’t have to worry about it being taxed next year.?

Keep Records And Back Up Your Data

You’ve heard the term, ‘I’ve got receipts’, and well there’s no hard evidence like proof of purchase. Additionally, we recommend backing up any crucial files or data onto a hard drive independent of your computer. You know, for safe measure. Trust us, if systems fail you’re going to thank yourself for being so proactive.?

Review Your Insurance

While you’re at it, you might as well review your insurance policies for any updates. Doing so will allow you to determine if you’re still on a package that’s right for you and your business. It’s also a great opportunity to update your insurer on any change in circumstance.?

Conduct An Audit

Count and recount your inventory so you know exactly what you have and what you need. Doing so will allow you to match what’s on paper with what’s on hand.?

Use Your Calendar

Planning is key so make a note of all your upcoming due dates, including by when you need to lodge your tax returns.?

Lodge Your Taxes

In Australia, the?ATO expects you to lodge your taxes on or before October 31st?so we recommend getting ready early. Organise your expenses and other tax deductions so you can have your return ready for submission sooner rather than later.

Rectify Bookkeeping Errors

With the financial year ending, you’ll want a fresh start going into the new year. We recommend going through your bookkeeping and identifying any transaction errors on your bank accounts and credit card statements.

Implement And Update Management Software

Management software makes keeping track of your inventory, finances, and other business assets easy. While we also encourage you to check all of these things manually during this time, implementing and updating your management software will save you time and resources in the long run.?

Prepare Financial Reports

Running financial reports helps point out where your business rests financially. Additionally, they’re fantastic for helping businesses outline and plan their budgeting. There are three financial reports you’re going to want to run this financial year and every subsequent year after. They are:

Balance sheet

Cash flow sheet?

Profit-and-Loss (P&L) statement

Prepare For The New Year

If you’re reading this checklist, you likely want to get on top of everything before the new financial year rolls around. By doing so, you’ll be able to figure out how your company performed over the past year and make an action plan for the future. Take a look at what worked and what didn’t and look for areas in which you can improve. Set goals and establish timelines to help you stay on track.?

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