The end of the financial year is coming so we all need to finalise our tax paperwork and accounting.
Here are some steps that you will need to do from your point of sale software.
* Review your bad debts and determine what you are going to do about them.
* Remember you are going to have extra bills like insurance appearing, so you need to budget early for July so look at the creditors listing to mark what is not going to be paid soon.
* Review your stock. Consider writing off old stock. Why not start an EOY sale now?
* Take an end of year backup of your information and file it away somewhere. Remember you will need to keep this for seven years at least after you lodge your return. Please do not use any EL Cheapo USB sticks
* Contact your accountant and to get a list of documents that they need. I would suggest as a least they will require you to prepare the following documents for them.
I usually say that this it is an excellent time to review the past year, to see what’s worked and what hasn’t, then to plan for next year. But, 2020 has been such a challenging time, starting with the drought, bushfires and COVID-19 who knows what to expect now but so far it looks good since we have opened up,