End of Financial Year, It’s Coming!

End of Financial Year, It’s Coming!

End of Financial Year – It’s Coming……

In the words of Jon Snow – winter is coming, but so is the End of Financial Year.

When I worked in Insurance, this time of year was manic. Working 12 hour days and weekends to get all renewals out, culminating  with a fancy party after June 30.

These days, my EOFY party revolves around me having a bottle of bubbles and a takeaway – so not half as exciting, but I digress.

After pushing my 2014/15 Tax Return right to the line, (thanks again Selina), I have decided that this next FY, I am going to be well more organised, and have basically got all my ducks in a row already.

So here are a few tips to get yourself organised well in advance and go to the head of the ATO class.

  • Chase up any outstanding payments NOW – make sure you get them in before June 30. If you have a few debtors, I recommend downloading the CollectMore app that has been developed by Paul Metcalf – it’s seeing great results.
  • Print the previous 3 quarters bank statements out NOW and start going through them – highlighting all of your expenses.
  • Download your earnings for the year from your online accounting software (if you haven’t yet got an online accounting program – jump onto waveapps.com, its fab)
  • Find any other receipts you may have
  • Start putting it all together in an excel ledger so you can hand it to your accountant.
  • 1st July – Finish it all off!

I did this yesterday and it took all of 2 hours to complete.

The bonus of doing this now, is that you can start to see how much you have made for the year and if you aren’t PAYG, how much tax you may owe.

Prepare yourself now, for less of a shock later!
Until next time, keep your desk organised!

2017-06-30T00:46:04+00:00May 27th, 2016|Business Advice, Uncategorized|0 Comments