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Archives for Accounting

a1-min

Preparing for year end

The 30 June 2016 financial year-end is quickly approaching. Now is the time to complete a range of administration tasks in preparation for the end of the financial year   and set plans for the financial period.

Here is a checklist we recommend our clients work through prior to 30 June 2016:

1) Update your bookkeeping

  • Reconcile your accounts
  • Process all outstanding transactions
  • Meet with your bookkeeper to discuss any year end entries required

2) Meet with your accountant

  • Review end of year accounting entries:
  • Debtors Write Off (Uncollectable debts)
  • Inventory Adjustments (Stocktake)
  • Year End Accruals
  • Employee bonus payments
  • Goodwill / IP adjustments

3) Meet with your tax accountant

  • Plan for your tax reporting obligations (Company Tax & 30 June 2016 BAS Returns)
  • Tax planning for the new year

4) Prepare year end profit & loss and balance sheet

  • Review year on year movements
  • Analyse profit margins
  • Consider holding sales for slow moving stock
  • Review key suppliers to for competitiveness
  • Review pricing strategy
  • Review key expenses (insurance, rent etc)

5) Financial Forecasts and KPI Setting

  • Prepare 12 month financial forecasts
  • Set daily, weekly and monthly targets

As your business grows the value of using an experienced and qualified accountant such as Accent Business Services will provide an increasing return on your investment.

Accent Services can ensure your financials are in good standing, that you are up to date with your reporting requirements and avoiding costly penalty notices.

By letting the Accent Services take control of these non-core services such as bookkeeping your time can be better spent on the business rather than in it. Accent Services are located in South Yarra (Melbourne), call the team today to make a no obligation or cost initial consultation. (accentservices.com.au)

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f2-min

How Often Should you Meet with your Accountant?

Experts are constantly telling us that relationships are complex and can be hard work. Your relationship with your Accountant should be a healthy and straight forward one, don’t be shy to catch up on a regular basis.

Understanding and monitoring your business’ financial performance is critical and generally your Accountant holds the key to the information you need most. Staying on top of your debtors/creditors and understanding the ‘ins’ and ‘outs’ of your cash flow helps you make decisions about your operations and business investments.

Meeting your Accountant on a monthly basis can be very helpful in assessing performance and identifying any emerging financial risks. Catching these risks early means that mitigation strategies can be implemented on a timely basis, which can be a significant competitive advantage.

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