EOFY checklist for your bookkeeper
The end of the financial year (EOFY) is a busy time for everyone, but small business owners can certainly feel overwhelmed given that there’s so much paperwork to sort through.
However, if you’ve enlisted the help of bookkeeper reconciling your businesses financial records is a much easier task if you have stayed on top of your finances, it will take less time to bring it all together at EOFY.
Check out our handy EOFY checklist to help you prepare.
Profit and loss statement. A profit and loss statement lists your sales and expenses. It tells you how much profit you're making, or how much you’re losing. A profit and loss statement is usually completed every month, quarter or year.
Conduct a stocktake (only if applicable to your business). A stocktake involves counting and checking all products, goods or inventory in your business to make sure your records are accurate and correct. It lets you work out the value of your trading stock at the end of financial year for business or tax purposes. For those businesses that do not carry stock, a work-in-progress value at the end of financial year for business or tax purposes.
Summarise debtors and creditors records. If you’ve got any documents that detail income, profit and loss, balance sheets, expenses or deduction claims, be sure to send them to your bookkeeper. This is also a good time to check if you have any outstanding client invoices that need to be paid. Running an aged receivables summary report is a quick way to see if any customers owe you any money, and how long that bill has been withstanding.
Collate records of purchases (assets and improvements). This allows for calculation of depreciation on expense claims and for capital gains tax.
Reconcile and lodge yearly reports or returns for different taxes such as pay as you go (PAYG) withholding, including finalising income statements for Single Touch Payroll, Superannuation, Fringe Benefits Tax (FBT) and Goods and Services Tax (GST).
Meet your superannuation requirements, including checking annual SGC increase. EOFY is a good time to double-check that you’re meeting the payroll and superannuation obligations required for your employees. Your bookkeeper can help you check if salaries are meeting the statuary requirements.
Make digital copies of any paper records and back them up.
We hope we’ve given you a comprehensive guide on the tasks you need to complete for EOFY. If you’re feeling overwhelmed and need some guidance or assistance, our bookkeepers can help you through this busy time, saving you time and money.
Contact us online or call us on 02 6652 5544