It really is that time of the year again. The 30th June is a nightmare for many business owners because there is so much to do, and you have to get your staff’s payment summaries right, and make the correct Super payments, all to a deadline.
My advice is to start now, with a checklist.
Make an appointment with your friendly accountant, ask him (or her) what he needs, and when, and you are already half way there.
Number one on your list is to reconcile your bank accounts; you should be doing this monthly anyway. (One of the big 4 banks has since January 2009 made it a default of their system that you get your statements quarterly; do not accept this, you must reconcile at least monthly.)
You should have a list of the reports you will need for the end of the year, not so different from your end of quarter report list, but again, your accountant should be your guide.
And last but not least, back up.
Back up twice and send a copy to your accountant.
Back up 3 times and hide a copy at your mother’s.
There are too many sad stories of people who could not see the need to back up, or to keep it off the premises, until they had no computer, no desk, no office, no building, no back up, and no business.
If you have a back up you can start operating your business immediately you can load it into another computer.
I wish you smooth sailing through the EOFY sea!
Yours in design,