Yes, it’s nearly the end of the financial year for most businesses. With that it mind there are a few things that need to be done before the end of the month, and things that you can work on to make the process of filing your financial statements and tax returns a little smoother. Before the end of the March:
- Go through your debtor’s ledger and write off any debts that are not going to be recoverable.
- Do a stock take as close to the end of the month as practical.
Start to get together information that will be necessary to complete your accounts:
- Details of home as office expenses for the year - power, rent, mortgage interest, rates, insurance, and broadband a few examples.
- Copies of bank and loan statements as at the 31st of March.
- Copies of hire purchase statements showing balances at the 31st of March.
- Copies of any fixed assets purchased during the year.
- Copies of insurance and legal documents.
- A summary of wages paid for the year.
- Details of any donations paid.
- Copies of GST returns and any workpapers.
With the above done and out of the way, you will be ready when you get the call from your Accountant or Bookkeeper. Now you can set up your next year files, archive your old records and start fresh for the New Year. If you need any help, get in touch, we'd love to assist you.