As the financial year draws to an end, I’m sure you’re all eager to trade your calculators for beers. You should also take the time to reward yourself and celebrate a successful financial year. This week’s article is aimed at helping you do just that with some helpful tips and tricks.
There’s a lot to consider in the concluding months of the financial year. Sometimes it can be too overwhelming, and sometimes it is hard to know exactly what is required. We have put together a handy, printable checklist to assist you in ending this financial period with a successful bang. Click here to download our EOFY Checklist.
– Update business plan (Ideally plan for the next 5 years)
– Update profit & loss and cash flow budgets for next 12 months
– Issue Invoices, Record transactions and Reconcile Transactions regularly as you go to make EOFY easier!
– Review financing arrangements (EOFY might be a good time to pay out a loan that’s close to it’s term – check with your accountant)
– Review business insurances (seek the best deal and try save some money)
– Take advantage of deductions, write-offs and rebates available
– Review staff salaries and awards conditions (maybe offer bonuses for excellent outcomes)
Please do not consider this post as official financial advice; it is simply a checklist to help make life a bit easier at what can be a stressful time for all. For full and proper advice that will take into account your personal circumstances, please speak to your accountant and/or financial planner.