It’s a couple of months out from tax time. But it’s not too early to start preparing your bookwork for the end of the financial year.
Getting a head start on your bookwork before tax time can make the process smoother and less stressful.
Here are some steps you can take to prepare:
Organise your financial records: Gather all your financial documents, including receipts, invoices, bank statements, and any other relevant documents. Organise them in a logical manner, such as by month or category. Ensure all the information has been entered into Xero, or the accounting system you use.
Reconcile bank accounts: Make sure your bank statements reconcile with your accounting records. Check for any discrepancies or missing transactions.
Review accounts receivable and accounts payable: Ensure that all outstanding invoices and bills are accounted for. Follow up on any overdue payments or unpaid bills.
Update inventory: If you have inventory, make sure it is accurately recorded in your books. Reconcile your physical inventory with your accounting records.
Check for deductible expenses: Review your expenses for the year and identify any deductible expenses that you may have missed. This could include business-related expenses such as office supplies, travel expenses, or professional fees.
Ensure staff details are up to date: Ensure any new staff have been added to your accounting system and changes to staff details including Super are up to date.
Consult with your accountant: Make an appointment with us at Oculus Group to discuss your financial situation and any tax planning strategies. We can provide guidance on maximising deductions and minimising tax liabilities.
By taking these steps to prepare your bookwork, you will be in a much better position when it comes time to meet with us and file your tax return.
Call us today on 07 5536 3755 to make an appointment.
