The end of the financial year is a natural time to reflect on where your business has been and where it is going. It is also a time that is filled with many essential administrative tasks that must be completed to keep your business running in good order. Whether you have had a banner year of profit and growth or a more lacklustre spell of bad luck, remembering the end of financial year key dates and everything that needs to be done at this time can be challenging.
Taking this time seriously can benefit your business and make sure that you are ready for a fresh start in the new fiscal year. You can use this time to get organised and evaluate your successes and your failures. More mundanely, you can also fulfil your obligations to the tax authority and make sure you have met all of your requirements with the state.
Let’s take a closer look at a few key areas that you need to pay close attention to at the end of the financial year.
Check Through Your Records
Remember to do a spring cleaning of your records and make sure that everything is well-organised and filed properly. Financial documents and account balance statements should all be checked over thoroughly to ensure they are in good order. For your accounting department, make sure that your books are reconciled with the bank, which should be done periodically throughout the year.
Take this opportunity to back up your sensitive documents to the cloud as a means of protecting yourself from data loss at any point in the future.
File Your Tax Information
Prepare your tax information for final filing to the Australian Tax Office. This task at the end of the financial year is one of the most essential. To complete it efficiently, make sure that you have updated and tracked your accounting information throughout the year. This will save time during tax season, which runs from July 1st to October 31st.
Ensure that you keep your responsibilities for employee filing during this time, including the issuing of tax forms in digital and/or paper form. Be aware of possible tax deductions which may apply to your small business.
Make sure to take advantage of the end of the financial year by strategically planning expenses to save money. For example, sales of some assets or collection of capital gains might be better kept for later in a different financial year.
Keep in mind that tax requirements and regulations change frequently. Stay informed about changes to your tax law throughout the year and do some research around tax season to be sure. Check with the Australian Tax Office if you have any questions or concerns about tax filing for your business.
Check If Your Marketing Plan Is Working
The end of the financial year can be a good time to evaluate how particular areas of your business are doing. During this process, it’s natural to consider changing or modifying your marketing plan if you have noticed that it has not been working or falling short of milestones you have set. Reflect on the core values of your business and make sure that your brand is representing these in all of your marketing media. Make changes when you can and start the new fiscal year off fresh.
Ready For Next Year
With a little organisation and planning at the end of the financial year, you can be ready to enter the next one with confidence. Be sure to take the time to complete any necessary tasks at this time and remember that the end of the fiscal year offers an annual opportunity to reflect and adjust. Make sure that your business and marketing strategies are in a good position and set your business up for a successful year ahead.