Do you ever get to 30 June and wonder, “How can a new financial year be about to start? Where did the last twelve months go?”

Do you wish you had spent some time getting your business accounts and record keeping in better shape to help make your life easier for the new financial year?

It’s not too late to achieve this by 1 July. To do so, we recommend you set some time aside over the coming weeks to ensure your systems and records are up to date, and to automate as many processes as possible, which will help you stay on top of your books and save you time.

Tips to get organised

Here are some handy hints and tips to make sure your business is ready by 30 June:

1. Make sure your accounting file is up to date and accurate. Allocate all transactions and reconcile any outstanding bank accounts, credit cards and loan accounts.
2. Scan and upload any physical receipts or invoices not already in your accounting file. We recommend moving towards a paperless system to streamline the record keeping process. Maintaining electronic records provides easy access to documents and certainty of records as paper copies can fade over time or get lost.
3. Ensure all electronic copies of receipts and invoices are properly named and filed and attach them to transactions.
4. Declutter all paper receipts and invoices from prior years by scanning and archiving them.
5. Finalise any outstanding end of month or quarter reporting for your business.
6. Review your bank accounts and assess whether you need them all or could you consolidate, which will save time reconciling. In addition, be sure to add any new bank accounts or loans opened during the current financial year to your accounting file.
7. Review your accounting processes and determine whether any manual steps can be automated for next year.
8. Save an electronic copy of any new loan agreements entered into, investment/business purchase documents and investment/ business sale documents.
9. Ensure you have a system in place to keep everything up to date which will mean greater peace of mind day-to-day come the new financial year.
10. Speak to your accountant or advisor if you need any assistance with getting the above measures organised.

Contact Pilot

Should you need any help in getting your electronic record keeping organised, or assistance with any of the above to ensure you are ready for the new financial year, contact Angela Stavropoulos or Kristy Baxter on taxmed@pilotpartners.com.au or (07) 3023 1300.