17 Mar Year End Planning
With the end of the financial year approaching, here’s some tips on how to be prepared:
Stock Take – if you have trading stock on hand at 31 March, you will need to do a physical stock take to determine the value of stock on hand (at the lower of cost or market value)
Bad Debts – review your accounts receivable and write off any amounts that are unrecoverable
Fixed Assets – review your fixed assets schedule and dispose of any assets that have been scrapped or are no longer used in the business e.g. old mobile phones or computers
Business Travel – ensure you have recorded your business vehicle mileage or vehicle logbook for claiming business travel reimbursement
Xero – ensure your Xero transactions are reconciled and you’ve uploaded copies of invoices for any new assets purchased during the year
At Bremner & Associates, we can help you get ready for year end – just give us a call!