EOFY is Coming: Are You Ready?

Can you believe it is May already! With the 30th June just around the corner, now is the time to check you have your bookkeeping and accounting in order. We have put together a few tips to help you breeze through your bookkeeping for the end of financial year.

Make sure your paperwork is up to date

Sounds obvious however a box of receipts isn’t going to organise itself! There is so many software options now that read receipts and integrate them into your accounting software, making this once timely process, painless.

Run a GST reconciliation report

Using your accounting software, run the GST  report. Carefully check it to ensure all purchases and sales have been reported correctly to avoid overpaying.

Meet your superannuation requirements

You can claim your superannuation payments as a deduction for payments made by 30th June.

Check you are getting the most out of your accounting software

The software functions are updated regularly, with more functionality being added constantly. Ensure you are making the most out of expense features, bank feeds and payroll systems. This will help with your bookkeeping immensely.

Start proactively following up any debts owed

Send out friendly reminders, make it easy for your customers to pay you so you don’t take these debts into the next financial year.

If you find this time of year a bit much or if you are not 100% confident? Sum and Substance are just a phone call away to provide support and training to help you breeze through tax time.

At Sum and Substance we know the importance of having a trusted bookkeeping and accounting service. Please contact us if you would like more information on our bookkeeping service. We can take care of your books or provide bookkeeping training. We can be reached at (03) 9424 9447 or info@sumsubstance.com.au. You can directly book in a time to chat by clicking here.