EOFY 2024: Financial Preparation Guide for Businesses
As we approach the end of the financial year (EOFY) 2024, it's time for businesses to start preparing their finances. Proper planning and organisation are essential to ensure a smooth transition into the new financial year. Here's a comprehensive guide to help businesses prepare financially for EOFY 2024:
1. Review Your Financial Records:
The first step in preparing for EOFY 2024 is to review your financial records thoroughly. This includes:
Reconciling bank accounts, credit cards, and loan statements.
Reviewing accounts receivable and accounts payable.
Checking inventory levels and valuations.
Reviewing profit and loss statements and balance sheets.
By reviewing your financial records, you can identify any discrepancies or errors that need to be corrected before the end of the financial year.
2. Update Your Accounting Software:
Ensure that your accounting software is up to date and all transactions are accurately recorded. This includes:
Reconciling bank feeds.
Generating financial reports, including profit and loss statements and balance sheets.
Reviewing GST, PAYG, and other tax obligations.
Updating your accounting software will help you stay organised and ensure compliance with tax and reporting requirements.
3. Prepare for Tax Time:
EOFY is also tax time, so it's essential to ensure that you are prepared for your tax obligations. This includes:
Organising receipts and invoices for deductible expenses.
Reviewing depreciation schedules for assets.
Preparing any necessary documentation for tax deductions and concessions.
Considering any tax planning strategies to minimise your tax liability.
By preparing for tax time in advance, you can ensure that you are maximising your deductions and minimising your tax liability.
4. Plan for Superannuation Contributions:
If you are an employer, don't forget to plan for superannuation contributions for your employees. This includes:
Ensuring that all superannuation guarantee contributions are up to date.
Making any additional superannuation contributions before the end of the financial year.
Reviewing superannuation contribution caps to ensure compliance.
By planning for superannuation contributions in advance, you can avoid penalties and ensure compliance with your obligations as an employer.
5. Review Your Budget and Financial Goals:
Finally, take the time to review your budget and financial goals for the coming year. This includes:
Reviewing your financial performance for the current year and identifying areas for improvement.
Setting realistic financial goals for the coming year.
Developing a budget that aligns with your goals and objectives.
By reviewing your budget and financial goals, you can set your business up for success in the new financial year.
Preparing financially for EOFY 2024 requires careful planning and organisation. By reviewing your financial records, updating your accounting software, preparing for tax time, planning for superannuation contributions, and reviewing your budget and financial goals, you can ensure a smooth transition into the new financial year. As an accountant, I'm here to help you navigate the EOFY process and ensure that your business is set up for success in the year ahead.
Who is DGF Advisory?
DGF Advisory are Chartered Accountants and Business Advisors, with expertise and knowledge stemming from 18 years within the public practice, being trusted Advisors to SME'S and their families from a wide range of industries.
Book a FREE Discovery session and let's chat today at dean@dgfadvisory.com.au
DGF Advisory
Комментарии