Only 1 week to go until the 2018 End of Financial Year. 5 working days to get everything in order. Have you made the purchases you want? Have you invoiced your clients? Are you ready?
At Streamlined Organising we want to help you get there. Help you to make this EOFY better than the last and make the next one a complete breeze.
A Virtual Assistant or Admin assistant can get you organised and take the stress out of your end of financial year. Sounds too good to be true?
Here are a few ways…
Your Accountant:
The first thing you can get your VA to do is make an appointment with your accountant or trusted financial advisor.
a. Find out what you need to do for your business before EOFY
Your Documents:
Your VA can organise your documents…
a. Receipts
b. Bank Statements
c. Superannuation statements
d. Payment summaries
e. BAS records
Your Deductions:
Find out about your deductions and make sure you know where the paperwork is for them.
a. Ask your VA to talk to your accountant to find out what you will need eg: Vehicles, Uniforms, Travel, Phone, Rent, Depreciation just to name a few.
Your Deadlines:
Know your deadlines… some basic dates for 2018
a. 30 June End of Financial Year (or the last week day before)
b. 14 July Payroll Summaries due to employees
c. 28 July Quarter 4 BAS is due
d. 31 October Tax return due
Accounts Payable and Receivable:
Your VA can organise your accounts payable and receivable before June 30.
a. Send out invoices and ask them to be paid before June 30
b. Follow up any outstanding invoices/payments
c. Organise your Bills to be paid and work out what can be pre-paid before EOFY
Your Payroll
Run your payroll and make sure it is ready for payment summaries
a. Check all employee addresses are correct
b. Check employees Super is up to date eg: Correct funds etc
c. Payment summaries need to be ready and sent to your employees by 14 July
d. Submit your payment summary records to the ATO
Next Financial Year
Get ready for next financial year
a. Be organised from the start
b. Implement new procedures so everything in your accounts flows and has a process
c. Update Calendars with important dates for your accounts so all runs smoothly each month
d. Have regular appointments with your accountant to talk about
i. Tax planning
ii. Budgeting
iii. Deductions
iv. Cash Flow
A Virtual Assistant can help you be organised with a lot of the basics that you need to make your EOFY a breeze. No more stress and feelings of overwhelm. Just calmness and organisation.
I checked in with my accountant, CPA Greg Olson from Argo Accounting and Business Services (http://www.argo-abs.com.au) to find out what he thought you might need to look at:
Accounts: Use a Finance system to capture all your business transactions. Systems such as Xero, QuickBooks, & MYOB are easy to use, and well supported by many Bookkeepers and Accountants and will save you time.
Ensure your accounts are reconciled to the Bank statements, Outstanding Debtors and Creditors, your Integrated Tax Account, current BAS balance outstanding, your list of business assets at Cost, any outstanding Loans received or owed to the business.
Apps: Use Apps to save documents electronically to eliminate the need to file paperwork (eg’s include Receipt Bank, Hubdocs etc.)
If you are paper based and do not use a Finance System, prepare a spreadsheet of all your transactions including business deposits received (Income) for products/services sold and payments made by the business (expenses). Make sure the running balance of your spreadsheet agrees to your bank statement balances on the corresponding date. This will save you time and money on Accounting fees for preparation of your EOFY reporting and tax.
Important: Book an appointment with your accountant as early after the 30 June as possible once all your tax information is ready. The sooner you do this, the less likelihood of long delays. Your accountant/tax agents get really busy from late July early August and for months afterward.
Thanks Greg.
So there a few action items for you to think about and get going on. Remember you only have a week to make any payments or receive any monies due.
Streamlined Organising can help you make this less stressful and very organised. Let us know if we can help.
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