As we fast approach the End of Financial Year in New Zealand (31st March) most businesses will be scrambling to get everything in order so that they can have a somewhat smooth transition into the new financial year. We have prepared some tips and helpful hints to make the EOFY scramble a little easier.
1. Do a thorough Stock Take:
This might take a little bit of preparation - Do you need to plan a day when you will need staff or vehicles or tools to be at the yard at the same time?
Can the staff count their own tools / equipment?
Do you have a list of items and quantities that should be in each vehicle.
2. Plant and Tools:
Physically inspect all tools and equipment and dispose of any that are damaged beyond repair.
Purchase replacements if required.
Update your asset register.
3. Accounts Receivable:
Review all outstanding invoices from FY2022/2023 (01 April 2022 to 31 March 2023)
Contact debtors for payment before the end of March
Decide which invoices you need to send to debt collectors or invoices that need to be written off as a bad debt.
4. Accounts Payable:
Check that all of your supplier invoices have been processed and paid according to the suppliers’ terms of trade.
5. Subscriptions:
Review all software, memberships and subscriptions
Are they helping your business and team grow?
Cancel or unsubscribe from any that are no longer required
6. Home Office:
Gather all the information ready for your accountant i.e. Rates, power, Maintenance, insurance, rent, mortgage interest, water etc and save them in your Xero File in folder EOY2023. Watch this video if you need a bit of guidance loading your documents into Xero.
7. Budget:
Conduct a budget review for the upcoming year and make any necessary adjustments
Set some higher revenue and profit goals.
8. Capital Expenditures:
Plan for any significant spending that may be necessary for the new financial year.
9. Job Profitability:
Review the jobs you've completed throughout the year
Have you hit the profit margins you expected?
Delve deeper into any jobs that were down on profit margins and determine the reason.
10. Reflect:
Look back and see how much you've archived over the last financial year.
What are you proudest of?
What are your highlights and lowlights?
What are your lessons learnt?
What are you grateful for?
And lastly celebrate your business!
If you need a bit of help getting all of those EOFY documents sorted reach out to Virtual Coastie and our team can help you with all of your EOFY needs.
Having a virtual assistant organising your invoices, documents, debtors and creditors throughout the year will be beneficial to your business and take some pressure off of you as the business owner, visit our website for more information and book a call with Amanda to chat about how Virtual Coastie can help your business.
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