How to prepare for the end of the financial year
30 May 2024
We’re nearly at the end of the financial year, so if you’re balance date/end of financial year is 30 June, there are a few things you need to do to help us prepare your financials.
Take a stocktake
If your business sells products/has stock, you’ll need to do a stocktake on 30 June. If you’re a business that sells products, then you need to take a stocktake of your physical inventory. If you’re a farmer, then you need to take a physical livestock tally.
Send in your EOY papers
Compile a folder (digital or hard copy) with a copy of the following documents:
- Bank statement that shows the balance on 30 June 2024 for all your bank accounts and loans.
- Insurance invoices.
- ACC invoices.
- Loan statements for the year (if applicable).
- Any new loans or refinancing documents.
- Invoices for assets purchased and sold.
- GST workings and reports.
Submit the online questionnaire
In late June/early July, you’ll receive an email from us with an online questionnaire to fill out and submit. If you haven’t received this by the end of July, let us know.
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One of the best things about online shopping is instant, hassle-free payment. Enter your details, click, and you’re done. If your customers can make an instant online payment, they’re likely to pay you more quickly – and they’ll appreciate the simplicity too. The details Online payment methods include credit and debit cards, ACH (Automated Clearing House) services like Paypal, and repeat payments through direct debit. Payments are managed by merchant service providers – specialist companies that process transactions on your behalf. Some focus on credit and debit cards, while others stick to ACH or direct debit. Choose a provider that can integrate with your accounting software, and you can add a super-simple payment button to future invoices. The costs While your merchant service provider shouldn’t charge any set-up fees, they will charge transaction fees. These range from 2-4% of the invoice for debit or credit cards, and under $2 a transaction for direct debit. These fees are an added expense, so they need to be included in your profit calculation – smart accounting software will do this automatically. Because credit and debit fees can add up, many businesses don’t offer online payment for invoices over a certain amount. The benefits Businesses using online payments get paid faster. Of course, not every client will pay instantly just because they have the option, but it should speed up your average payment time. A bonus benefit? Customers appreciate the ability to pay online, so offering it as an option can be a big point in your favour.
Questions to Ask Now to Plan for the Year Ahead
To discuss all your account matters please call us on 09 438 1001
