Achieving a Smooth End of Financial Year Transition

As the end of the financial year approaches, businesses need to prepare to ensure accuracy, compliance and a strong start to the new financial year. In this article, we help you navigate through the end of financial year (EOFY) process smoothly.

Review and reconcile financial records:

1. Begin by reviewing and reconciling all financial records, including bank statements, invoices and receipts or provide the information to your Simmons Livingstone Accountant or Bookkeeper to prepare. This step ensures that your financial data is accurate and up to date.

Assess your tax obligations:

1. Consult with your Simmons Livingstone Accountant, to assess your tax obligations. We will help you understand your tax liabilities and identify any potential deductions or credits that can improve your tax position.

Organise documents:

1. Gather and organise all relevant financial documentation, such as income statements, expense reports, payroll records and inventory lists. Having these documents readily available, will streamline the process of your accountant preparing financial statements and tax returns.

Conduct a stock-take:

1. Perform a comprehensive stock-take to assess your inventory levels accurately. This involves physically counting and valuing each item in stock. Accurate stock valuation is essential for determining the cost of goods sold and overall profitability, as well as identifying slow-moving or obsolete inventory.

Review and adjust budgets:

1. Evaluate your current budget and compare it to your actual financial performance for the year. Identify any variances and make necessary adjustments to align your budget with your business goals for the upcoming year.

Finalise payroll and employee records:

1. Ensure that all payroll records, employee details and tax withholdings are accurate and up to date. Generate and distribute employee payment summaries either in paper form or electronically via Single Touch Payroll (STP) by 14/7/2023 and provide the necessary information to your employees for their tax filings.

With Simmons Livingstone and Associates you can ensure a seamless transition into the new financial year. We work with you to review your financials, your records, assess tax obligations, employee records and generate financial statements to set your business up for success.

For more information, or to speak with a Simmons Livingstone Advisor please contact us at 1800 618 800 or via email at admin@simmonslivingstone.com.au.