Have You Got All Your EOFY Ducks In A Row?

Do you know what the ducks are? Do any of these scenarios apply to you?

• Have you started your own new business this year?
• As yet you haven’t engaged a bookkeeper as you really can’t afford one. What are your obligations?
• Have you had your trusted bookkeeper move on and you are left wondering how and what you need to get done for EOFY before you engage a new bookkeeper?
• Are you realizing that there is so much more work involved in getting your financials in order for the EOFY?
• What are my payroll obligations, if any?
• Do you need a bookkeeper as well as an accountant?

Well don’t despair, you are not alone and you don’t have to be to get your finances in order. You will, but it will involve some organizational skills and prioritisation on your part to get ready and then make sure all your ‘ducks are in a row’.

Firstly we will consider a sole trader’s obligations, which are minimal compared to a business that has employees.

CONSIDER A FEW THINGS

• Are there invoices that are due to be paid?
• Are there monies outstanding that should be collected?
• Are there bad debts that need to be written off?
• Do I have enough cash to cover expenses that are due?
• Do I need to make any asset purchases before the year-end?
• Am I registered for GST? Have I allowed for this reconciliation in my cash flow?

Due Dates

• When is my BAS due?
• When do I have to have my accounts to my accountant so that they can be lodged with the ATO within the due date requirement?

Is your business a registered company, with employees?

CHECKLIST

1. Payroll:
• Are your pay runs ready to go before June 30?
• Have all your superannuation obligations been met? Are you super stream compliant?
• Review Annual Leave Entitlements
• Ensure employee declarations are up to date

2. Financial Tasks
• Enter all data promptly and check for quality
• Review debtors report. You have slow payers? Do you need to renegotiate trading terms with slow payers?
• Are all your bank reconciliations up to date?
• Reconcile equipment and fixed assets? Is your asset register up to date?
• Do you have stock? Review stock balances and reconcile to physical stocktake.
• Are all your sales invoices up to date?

So if you don’t have all your ducks in a row and are struggling to have your financials in proper order, contact Lynne on 0402 819 611 or lynne@uneedmeaccounting so we can make a start.