End-of-Year Financial Checklist: What Every Business Needs to Do Before March 31
The end of the financial year (EOFY) is a crucial time for businesses to finalise accounts, meet tax obligations, and set the stage for the next financial year. Here’s a simple checklist to ensure you’re financially prepared before March 31.
Don’t worry, if you are one of our clients we will email you a thorough list.
1. Reconcile Your Accounts
Go through your bank statements, invoices, and receipts to ensure everything matches up with your accounting records. Look for any outstanding payments from clients and follow up to get them settled before the new financial year begins.
2. Maximise Tax Deductions
Review your expenses to see if there are any deductible costs you can claim, such as office supplies, professional development, or business-related travel. If you need to make business purchases, consider doing so before March 31 to include them in this year’s deductions.
3. Review and Organise Financial Records
Make sure your receipts, invoices, payroll records, and tax documents are properly organised and stored. Keeping everything in order now will make tax filing much easier and help you avoid any compliance issues.
4. Check Employee Payroll and Superannuation Contributions
Ensure all payroll obligations, including employee wages, PAYE deductions, and KiwiSaver contributions, are up to date. If any adjustments are needed, it’s best to sort them out before the end of the financial year.
5. Prepare for Tax Filing
Confirm that all tax payments, including GST and provisional tax, are up to date. Work with your accountant to make sure everything is filed correctly and on time to avoid penalties or unnecessary stress.
6. Plan for the Next Financial Year
Take some time to review your business performance over the past year. What worked well? Where can you improve? Setting financial goals and adjusting your business strategy now can set you up for success in the new financial year.
By ticking off these key tasks before March 31, you’ll not only stay compliant but also gain a clearer financial picture of your business. If you need guidance, reach out to your accountant to ensure everything is in order and ready for a fresh start in the next financial year!
