10 ways to keep on top of your accounts this End of Financial Year | Coverforce

10 ways to keep on top of your accounts this End of Financial Year

The End of the Financial Year is a busy time for all businesses, especially for small business owners who have to do a lot of the admin themselves.  As a result, some important tasks may slip through the cracks making the process more difficult than it needs to be.

We’ve pulled together this checklist to help guide you through a seamless (and painless) EOFY and to get you ready for a new financial year. Follow the below 10 steps to help you start the new financial year fresh, focused and continuing to drive your business forward

1. Get prepared. Start early and don’t leave everything to the last minute.

2. Get legal. Go to the New Legislation section of the Australian Taxation Office website, to see if there have been any changes that may affect your business during tax time.

3. Get documented. Visit Latest News on Tax Law and Policy to ensure all company documents are up to date and valid in accordance with latest laws and ATO requirements.

4. Get updated. Check your Accounting system (MYOB/QuickBooks) to ensure everything is up to date.

5. Get balanced. Have all of your accounts reconciled, including:

  • Bank accounts
  • Investment Accounts
  • Any customers with outstanding balances
  • Company debts
  • Any leases including property and equipment.

6. Get reconciled. Make sure all outstanding leave, superannuation and long service entitlements are settled.

7. Get stocktaking. Review all stock in your company. For any stagnant or slow moving stock, consider writing it off before June 30.

8. Get counting. Any cash your business has onsite, including but not limited to petty-cash, ATM and floats stored in your safe. All cash needs to be recorded and accounted for.

9. Get your records straight. All transactions made by the company need to have recorded invoices or dockets which are entered into your accounting system

To find out about how Coverforce can help protect your business, submit a quick enquiry form or call us during business hours on 1300 503 503.

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