Is It Time To Review Some Of Your Bookkeeping Procedures For 2023 Financial Year? Here Are 10 Items To Check

As a proprietor of a small business, it’s imperative to keep your financial records organised to guarantee the prosperity of your business. Now that more than half of the 2023 financial year has passed, it’s an opportune moment to examine your bookkeeping procedures. Ensure thee below align with your goals.

Could you use your admin to do the below for you?  Is this one of those jobs you don’t need to do?

Here are some steps to help you get started:

  1. Evaluate your income and expenses – are there changes? Is there enough profit to increase wages?

  2. Revise your budget – does this need to change?  What are your goals for the business, are you overspending on any accounts?

  3. Match your accounts – all accounts should match your bank statement balance

  4. Assess your accounts receivable – how much money is owed to you from your clients?  Is this a problem, do you need to review your payment solutions and processes?

  5. Analyse your accounts payable – do you owe a lot of money to your suppliers?  Has this grown or do you need to review new suppliers and prices?

  6. Monitor your cash flow – what is happening?  Do you have 2 months cash to cover the costs of the business expenses and wages?  If not what plans are you going to make?

  7. Examine your inventory  – are you carrying too much stock or materials?  Do you need to sell some soon?

  8. Check your payroll – ensure your payroll is balanced and all super and tax are paid to the relevant authorities

  9. Prepare for the end of the year – organise a meeting with your accountant and discuss what needs to happen before the end of the year in regard to tax and other items like profit and cashflow

  10. Ensure your compliance is up to date. – check with your bookkeeper and accountant what these are for your business.

We can help you with getting your admin processes set up so you can do less paperwork.  Want to know more, please contact our team on [email protected].au