June - the best month to act like a boy scout

Posted: 1 Jun '23
June - the best month to act like a boy scout

June - the best month to act like a boy scout

Can you believe that we are already in June? That means it is time to start preparing for the end of the financial year, coming fast upon us in four weeks. Eeek! Now, I know what you're thinking. "Bookkeeping tidy tasks in June? Isn't that cutting it a bit fine?" Well, fret not, because we've got you covered! In this blog, we'll dive into all the bookkeeping tasks you can tackle this month to ensure a smooth sailing into the new financial year. So, grab the beverage of your choice, and let's get cracking!

  1. Review Your Financial Records: June is the perfect time to review your financial records with a fine-tooth comb. Take a look at your profit and loss statements, balance sheets, and cash flow statements. Make sure everything is accurate and up to date. If you spot any discrepancies, now's the time to address them. Remember, a clean and accurate financial record is the foundation for making informed business decisions.
  2. Update Your Inventory: If you are in the retail or manufacturing industry, inventory management is key. Take stock of your inventory levels and make any necessary adjustments. Identify slow-moving or obsolete stock that may need to be written off or discounted. Also, ensure your inventory valuation method aligns with Australian accounting standards.
  3. Check your debtors and creditors: Now is the time to investigate all those old, aged receivables and payables that have been hanging around for yonks. For Receivables, collect them or write them off!
  4. Reconcile Bank and Credit Card Statements: Reconciling your bank and credit card statements is a crucial task to maintain financial transparency. Check for any discrepancies between your records and the statements. Resolve any outstanding items, such as unreconciled transactions or bank errors. It's also a good time to review your cash flow and identify any potential issues.
  5. Superannuation Obligations: Don't forget about your superannuation obligations! Ensure that you've made all necessary superannuation contributions for your employees. Double-check that your payments are accurately recorded and met the required date deadlines. If not, you may need to lodge a Superannuation Guarantee Charge with the ATO. This step ensures compliance with Australian superannuation regulations. For more details check the following link.https://www.ato.gov.au/Business/Super-for-employers/Missed-and-late-super-guarantee-payments/The-super-guarantee-charge/
  6. STP finalisation declaration: Preparing the STP finalisation declaration is a critical task during this time of year. It must be completed and lodged by 14th July. Ensure that all the necessary information, including gross wages, taxes withheld, and any other deductions is correct during June, so it isn’t such a rush in July. And during July, what is my favourite game to play? Employee Bingo! Whoever asks for a Group Certificate first wins a prize. The name changed in 2000 and all lodgements have been digital since July 2020, so Group Certificates are a thing from the very distant past.
  7. Review Expense Claims: It's always a good idea to review and process outstanding expense claims before year end. Ensure that all business expenses are properly documented and comply with tax regulations. Make sure any GST claimed, has the receipt saved. Review your expense policies and make any necessary updates to avoid potential headaches during tax time.
  8. Organize Tax-Related Documents: Being organized is key to a stress-free tax season. Gather all relevant tax-related documents, such as receipts, invoices, and contracts. Make sure everything is neatly filed and easily accessible, preferably electronically. This way, when it's time to prepare your tax return, you'll be well-prepared and ready to go.
  9. Plan for the Next Financial Year: While you're busy tying up loose ends for this financial year, it's also a great time to plan for the next one. Review your budget, set financial goals, and strategize for growth. Consider any changes to tax laws or regulations that may affect your business and adapt accordingly. Ask your accountant for a tax planning meeting to help you out.

So, there you have it! A handy checklist of bookkeeping tasks to tackle during June to ensure a smooth transition into the new financial year. If you complete it all in the first week, you can put your feet up and relax. Remember, staying on top of your bookkeeping is essential for a healthy and thriving business. So, put on your bookkeeper's hat and get ready to conquer the end of the financial year like a pro. Or, if it’s all too hard, call the experts.

Stay Appy!

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