Shaping up for the end of financial year

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

Advertisement

Read Full Post »

Fire strikes Perth hotel, guests evacuated

Hundreds of hotel guests were evacuated from a Perth hotel this morning after a fire broke out in the basement.

A FESA spokesman said the fire at the Good Earth Hotel in Adelaide Terrace started just after midnight.

He said about 200 guests were forced outside after smoke began to spread through the hotel’s upper levels.  

Damage has been estimated at $300,000.

ABC radio reports one guest collapsed and was treated for stress.

The arson squad are investigating.

Source  :  www.thewest.com.au

Read Full Post »

MINDARIE – 20 Clarecastle Retreat – $1.995 million

SITUATED in one of Mindarie’s best sought after locations, this lavish residence commands respect.                                          

Beautifully finished both inside and out, the home makes great use of space.

Sprawled over three levels, and with 550sqm of indoor and outdoor living, entertaining has never been such a breeze.

Accompanied with ocean and marina vistas and you’ve got a house that is sure to impress.

Upon entry into the home there is a chic foyer with stunning spiral staircase. This elegance is matched by the luxurious formal lounge and dining areas with decorative feature ceilings.

There is a great sense of space throughout the home thanks to the open-plan kitchen, meals and family room.

A stylish and elegantly appointed kitchen creates a focal point in the home, and comes complete with state of the art built-in stainless steel appliances, ample storage and island bench with galaxy granite black bench tops and splash backs.

With five bedrooms and three bathrooms this luxury abode is ideal for a growing family. The master bedroom, with unsurpassed ocean views is serviced by an open-plan en-suite complete with relaxing corner spa.

After a hectic day, immerse yourself in a hot spa and feel your stress drift away.

To ensure everyone in the home takes advantage of the amazing WA sunsets, balconies can be found on every level of the home.

The home also features, a spacious games room with sleek granite service bar, airconditioning to all rooms, intercom security system and reticulation.

Well positioned, you are only a short walk to the beach.

Home Features

Bed: Five

Bath: Three

Garage: Two

Agent: Jones Ballard Property Group

Contact:Sabrina & Michael Minic 0433 299 908

www.inmycommunity.com.au

Read Full Post »