Business Accountants: End of Financial Year Checklist: Key Steps for Your Business

WELLINGTON, New Zealand - March 13, 2024 - PRLog -- As the 2023/24 financial year draws to a close on 31 March 2024, it's time to review your business's financial position and take necessary steps to optimize your tax position. Here's a checklist of important tasks to consider:

Cash on Hand:

Conduct a count of your cash on hand, including petty cash, till cash, and any other cash floats.

Record any income received but not yet banked.

Bad Debts:

Identify and write off any unrecoverable debts before 31 March to claim tax deductions and GST credits.

Trading Stock on Hand:

Perform a stock take as at 31 March unless your sales are below $1.3m per year.

Write off obsolete or damaged stock and value your remaining stock at cost.

Work in Progress (WIP):

Invoice outstanding work in progress for March.

Assess and write off any WIP that cannot be billed.

Revenue Received in Advance:

Record any payments from customers for goods or services not yet provided, including GST.

Fixed Assets:

Review your fixed assets register, noting any changes, disposals, or additions.

Consider writing off assets that are obsolete or have been disposed of.

Business vs. Personal Expenses:

Differentiate between business expenses paid for privately and non-business receipts banked into the business account.

Note any personal assets used for business purposes and vice versa.

Employee Wages:

Encourage employees to take leave within 63 days following your balance date to obtain tax deductions for monetary remuneration.

Ensure payments for accrued bonuses, holiday pay, and gratuities are made by 2 June.

By addressing these tasks before the end of the financial year, you can optimize your tax position, tidy your accounts, and ensure compliance with regulatory requirements. If you need assistance or have any questions, don't hesitate to contact us for expert guidance and support. https://www.outsideaccounting.co.nz