The end of financial year can be a stressful time for small business owners, and that time is now upon us once again. For those of you who are behind and not ‘in shape’ for the end of 
financial year… don’t panic, right now there is still a very small window of time for you to get prepared for the end of financial year, but that time is ticking by.
How can you get in shape?
Before 30 June make it a priority to ensure all your bookkeeping and reconciliation is up-to-date, follow up payment of overdue invoices, pay outstanding bills and pay all super contributions (this should not only be for your employees, but for yourselves too).
With all your reconciliation up-to-date, such as your receivables, payables, bank accounts and inventory, once 30 June is here you will only have one month to reconcile and you can then move on to completing your BAS. Getting on top of this will ease some of the stress you may feel when preparing your end of financial year documentation.
For small business owners with employees, remember that you will also need to reconcile your payroll and send out payment summaries to your employees (before 14 July 2009).
Following the completion of all your reconciliation and BAS, it’s time to run your end of financial year reports. Having all your records and reports prepared prior to visiting your accountant will really save you time and money.
If you’re having difficulties with these tasks, speak to your accountant or bookkeeper, or alternatively a range of online resources, and even accounting software providers, have information on completing these activities.
If you’re having difficulties with these tasks, Don’t forget to backup all your data. You will also need to keep copies of your accounting records for at least five years (an ATO requirement).
It is also important now to prepare for the 09/10 financial year, as no doubt you want everything to be ‘AOK with the ATO’.
A number of new Federal Government compliance changes will apply from 1 July 2009 and these will affect small businesses. Information about the new compliance requirements is available from the ATO, or your accountant will also be able to update you on the changes.
If you use accounting/payroll software, you will need software updates that address the compliance changes. Ensure you’re scheduled to receive the compliance update from your provider, so that you’re compliant for 09/10.
This time of year is also good to consider what improvements you could make to your work practices to stay in shape and make the 09/10 end of financial year less stressful. For example, implement work practices that ensure you stay on top of your bookkeeping requirements, keep up-to-date with inventory, cash flow and debtors and follow task lists.
Yes, the economic downturn is having an impact on businesses and the pressure is really building, but this presents you with the opportunity to select your own course.
It’s important that you take a step back and look at the ‘big picture’. Instead of only responding to daily issues, now is the time to develop and implement a sound business plan for overcoming future challenges.
Don’t be afraid to seek specialist advice. Talk to your accountant. They can not only help you with tax and accounting related matters, but they can also help you with your business planning, financial goal setting, cash flow and making sure your business is running at its best.
Remember… It’s important to be prepared!
Source : www.livenews.com.au
FIAT HAS ANNOUNCED that the convertible version of its ever-so-fashionable 500 will be landing on Australian shores in the middle of next year; roughly a year after the car’s European sales debut.
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$50 million revamp for Morley
Posted in Local News, tagged $50 million, 1000 people, arts, build, BUILT, cafes, Centro Galleria shopping mall, City of Bayswater, consultation, Coventry Square, crafts., creating, dedicated, development, development company, economy, fashion, finished, fresh food section, Greg Poland, heart of Morley, house, Hundreds, jobs, local, Local News, major, microbrewery, Morley, new, old Coventry’s warehouse, organic produce., period, plans, precinct, principal, project, public, public comment, public consultation, real shot, restaurants, revamp, selling, shopping precinct., six-week, slowing, slowing down, small businesses, start, stores, The Strzelecki Group, tourist, town centre, transforming, ultimate, warehouse on June 23, 2009| Leave a Comment »
Morley is set to get a revamp – with the $50 million Coventry Square development now out for public comment.
“This is a great step forward for us,” said Greg Poland, the principal of The Strzelecki Group development company that plans to build the project.
“Once the six-week public consultation period has finished we can then start transforming the old Coventry’s warehouse into the ultimate tourist and shopping precinct.”
As well as being built in the heart of Morley – beside the Centro Galleria shopping mall – Coventry Square will be a major part of the new town centre for the City of Bayswater.
If approved, the development will house more than 200 specialty stores, selling everything from fashion, to local arts and crafts.
Mr Poland said the development would include restaurants, cafes, a microbrewery and a fresh food section dedicated to organic produce.
“At a time when the economy is slowing down, Coventry Square will be a real shot in the arm for Morley and the City of Bayswater by creating hundreds of new small businesses and jobs for about 1000 people,” he said.
The Strzelecki Group hopes to open Coventry Square in April next year.
Source : www.watoday.com.au
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