End of Financial Year Approaches

Well I can hardly believe that it is just 8 days away from the 1st of June....,meaning 4 weeks away from the end of another financial year. This year seems to me to have gone even quicker than usual. Maybe its because our business has been growing and we have been able to look after more business' book keeping needs??

Now is a great time to have a good look at the state of your financials and in particular, if you are on a Cash System, look at putting a plan into action to pay for as much of your supplies as possible and clear out the Accounts Payable (Trade Creditors) for the start of the new year....and in the same way.....get as many of your customers to pay for your services as possible Accounts Receivable (or your Trade Debtors).

Another thing to think about for the start of the new financial year....is ensuring that your Tax Codes are all correct in your MYOB file ready for your Accountant to lodge the final Quarter BAS with any end of year adjustments and that all your accounts can be reconciled successfully. This is not always the case if your BAS has not been lodged by a registered BAS Agent or Accountant. That is, not just your bank accounts and credit cards, but your Trade Creditors, Trade Debtors and BAS accounts too.

If you are not sure if this is the case in your business, we would be happy to assist. Putting these things in action before the end of the finanical year means that your books can be forwarded to your accountant quicker and cleaner post the end of the financial year.