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
Read Full Post »
All the latest NEWS from Perth 
Australian share market opens higher
Posted in Political News, tagged $1.15 billion, $16.01, $20.48, $22.00 Westpac up 10 cents, $34.26, $36.40, $65.46, (AEST), 0.23 per cent, 0.31 per cent, 0.60 per cent, 10.15am, 12.1 points, 14 cents, 15 per cent, 20 cents, 3889.3, 4.41 per cent, 4cents, 50.34 points, 8.7 points, ANZ, asess, Average, banks, Ben Bernanke, benchmark, BHP, broader, capital, cash, cash return, comments, Commonwealth Bank, contracts., deficit., down, earnings, efforts, equity, Exchange, Federal Budget, Federal Reserve chairman, firms, five cents, four, gained, gains, generating, higher, Industrial, investors, long rally, lost, lower, lucky, major, March, marginally, Mining giant, mixed finish, mixed lead, morning trade, mulled, NAB, new, open, opened, opening, Ordinaries, over, paused, points higher, Political News, quarter, raise, reassuring, reported, Resources, Rio Tinto, rival, S&P/ASX200, settle, share market, share price index contract, stronger, Sydney Futures, The Dow Jones, to 3872.3., Tuesday, up, US trade, volume, Wall Street, was up, wobbled on May 13, 2009| Leave a Comment »
At 10.15am (AEST), the benchmark S&P/ASX200 was up 12.1 points, or 0.31 per cent, at 3889.3, while the broader All Ordinaries gained 8.7 points, or 0.23 per cent, to 3872.3.
The four major banks were mostly higher at the open.
ANZ gained 4cents to $16.01, NAB was up 14 cents at $22.00 and Westpac was up 10 cents at $20.48.
The Commonwealth Bank, which reported cash earnings for the March quarter of about $1.15 billion, generating a cash return on equity of over 15 per cent, was down 20 cents at $36.40.
Resources weren’t as lucky, opening lower in morning trade.
Mining giant BHP was down five cents at $34.26, while rival Rio Tinto lost 4.41 per cent to $65.46.
Wall Street wobbled to a mixed finish on Tuesday as investors paused to assess gains from a long rally and mulled the new efforts to raise capital by banks and other firms.
The markets also digested better-than-expected data on the US trade deficit and reassuring comments from Federal Reserve chairman, Ben Bernanke, about the health of the banking system.
The Dow Jones Industrial Average was up 50.34 points, or 0.60 per cent, to settle at 8,469.11.
The tech-dominated Nasdaq dropped 15.32 points, or 0.88 per cent, to 1715.92 while the broad-market Standard & Poor’s 500 index lost 0.89 point, or 0.1 per cent, to settle at 908.35.
On the Sydney Futures Exchange, the June share price index contract was trading 17 points higher at 3885 on volume of 4900 contracts.
www.news.com.au
Read Full Post »