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Getting Ready For The End Of Financial Year

It’s without a doubt that everyone dreads when the end of the financial year creeps around the corner because it means you’ll need to prepare things like your business's financial statements and do tax returns. It’s usually the time where you get a quick reality check of how your business is doing and if it’s heading in the direction you’ve envisioned. Preparing for the end of the financial year is tricky because there’s just so much to do but, it needs to be done. To help you get started with your preparation, here are a few things we highly recommend you do:

List Out The Tasks You Need To Do
It’s easy for things to fly right above your head when there’s a lot you have to do and this can overwhelm you. Rather than doing some mental planning, we suggest that you list out the tasks you need to do on a piece of paper. This will help you visually see what needs to be done and once you write it down, it’ll probably calm you down because you’ll realise it’s doable and not as much as you had imagined.

Put It On The Calendar And Set A Reminder
It’s never a good idea to leave things as big as preparing your financial statements and doing your tax returns to the night before it’s due because chances are, you’ll overlook some things which can impact your business’ reporting. In this case, consistency is key, and being aware there are things due ahead of time will be less stressful for you.

Gather your Evidence
Jogging your memory back to the beginning of the financial year is merely possible so doing little things like collecting receipts, billings, and invoices throughout the year as you go is great so that when it does come the time for you to account for them, you can easily trace it back.

Back-Up Your Files
Don’t be someone who would delete everything once you hand in it. You’ll be surprised how many times later down the road, you’ll need to dig it back up. Especially with important things like your financial statements, it’s good to back up your files so you can compare your business’ performance to previous years to see your progress.

Looking For A Part-Time Professional Accountant For Your Small Business?
Who said that because you’re a small business you should be handling everything on your own? Definitely not us. Having a business accountant to handle your financial tasks is a wise investment as it means you can focus on running your business to the best of your ability - even if it is just a part-time accountant. M.A.S Partners is a specific accounting firm for small businesses in Sydney dedicated to helping businesses like yours. So if you are a local business and would like to speak with our team about the services we offer and what we can do for you, call us at (02) 9211 5000.

 
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