Financial year end

3rd quarter BASes have been lodged and it’s nearly the end of the financial year.

Some tips to help you prepare:

  • Payroll – ensure all your employee details are up to date and employees have been ‘terminated’ in your payroll system if they left during the year.  Prepare and issue Payment Summaries to employees by 14th July.  Report to the ATO by 14th August. Load new tax tables before the first payroll in July if your software requires it.
  • Superannuation – ensure super payment are received by the funds before 30th June to receive the deduction in this 2015 financial year, otherwise Super Guarantee must be paid by 28th July.  Take note of superannuation caps  Super caps
  • Stock-take – a stock-take gives you a great opportunity to assess the value of your stock at 30th June, write off obsolete items and agree the physical inventory with the value in your books.
  • Debtors and Creditors – review old outstanding transactions, chase overdue receivables, write off any incorrect items
  • Pricing – review your management reports to see if you need to make chages to your pricing
  • Business processes – now is the time to see what opportunities you have to improve your business processes
  • Software – review your software and update if necessary
  • Planning and Budgets – prepare your plans for the coming financial year if you haven’t already done so.  Make this the year you have a cash flow forecast and a budget!

Year end training

Sue recently spent three days training at a small conference in Queensland. Topics included Payment Summaries, Human Resources, Insolvency, the future of bookkeeping, MYOB, Xero and Calxa.

Virna and Monica are both attending  year end workshops conducted by the Institute of Certified Bookkeepers.