Navigating the End of the Financial Year

As we sail closer to the end of the financial year, it's the perfect time to tidy up our financial decks. This isn't just about getting through tax time; it’s about setting sail smoothly into the new financial year with a clear view ahead.

Here’s your trusty checklist to keep you on course:

Accounts Receivable: Let’s wrap up all sales and send out those invoices. A quick peek at your Aged Receivables will show if anyone’s missed their payment. It might be time to wave goodbye to those uncollectable debts.

Accounts Payable: Got all your supplier bills? Great! Let’s make sure they’re all accounted for in your system. A quick check on your Aged Payable report ensures everything’s on the level.

Bank Reconciliations: If you’re navigating with Xero or another system, check that your bank balance and accounting balance are in harmony. It’s all about balance!

Cash on Hand: Count that petty cash and make sure every penny’s accounted for.

Fixed Assets & Depreciation: Updated your fixed asset register? Fantastic. Sold or waved goodbye to an asset? Let us know, and don’t forget to send over those purchase invoices.

GST: Time to finalize and file that GST Return with Inland Revenue. Let’s check that off your list!

Home Office Expenses: Use part of your home for business? Gather those household bills. We’ve even got a handy excel sheet to make it easier.

Inventory and Work in Progress: Stock-take time if you’ve got inventory. Or let us know the value of any half-finished masterpieces.

Loans & Hire Purchases: Grab those loan statements showing where you stand as of 31 March.

Payroll & Liabilities: Run that final payroll for the year, making sure everything’s squared away.

Vehicle Expenses: Using your personal car for business, or the business car for personal trips? We’ll need to know.

And don’t worry, if you’re part of the Convex family, we’ll walk you through everything with a specific questionnaire come early to mid-April. We’re here to help every step of the way!