End of Financial Year Checklist for Small Business

End of Financial Year Checklist for Small Business

With only 6 weeks until the end of financial year.. How ready are you for it?

With EOFY approaching, it’s time to get your bookkeeping up-to-date. BCR Bookkeeping can assist with accounting systems, Bas Lodgement and all your bookkeeping needs.

We have assembled this helpful checklist for small business owners to ensure all financial year stresses are avoided.

ATO Requirements

  • Business Activity Statement is due by 28th July 2015
  • Reconciliation of your PAYG withholding summary report is due by 14th July 2015
  • Lodge your tax return by October 2015
  • For businesses with 20 or more employee superannuation contributions to comply with Superstream by 30th June 2015
  • For business with 19 or few employees superannuation contributions need to comply with Superstream by 20 June 2016
  • If you are in the Building industry, you must lodge your taxable payments annual report by 28th August 2015

Reconcile Accounts Ensuring all of your major accounts are reconciled. This includes:

  • Your bank and investment accounts.
  • Customers who have large outstanding amounts they are yet to pay.
  • Your own debts with suppliers and other creditors.
  • Equipment you have leased.
  • Office leases.

Reconcile Payroll

Ensuring all payroll issues as reconciled.  Outstanding leave, superannuation and long-service leave all need to be taken into consideration as these are some of the many payroll matters that have financial commitments attached.

Review Working Capital

Stock balances? Are they all accounted for? The end of financial year is a great time to clear out obsolete stock with a sale. In addition, it may be time to evaluate ordering procedures to minimise excess stock concerns.

The end of financial year can be a time of great anxiety, but with some forward planning and BCR Bookkeeping’s assistance  we can help you stay on top of it all.

By | 2015-05-25T00:10:57+00:00 May 25th, 2015|News|Comments Off on End of Financial Year Checklist for Small Business