3 Tips to Prepare for the End of Financial Year
As the end of the financial year approaches, there’s a certain buzz in the air for businesses and individuals alike. It’s that time of the year when everything feels like it’s hanging in the balance, where every financial decision seems crucial—but fear not!
Here at Balancing Bookkeeper, we’re here to guide you through this period with ease and efficiency.
Tip 1: Early planning is key
They say that failing to plan is planning to fail, and nowhere is this truer than in the realm of finances. Whether you’re purchasing a home, renegotiating your mortgage, or seeking a loan or financing equipment, it pays to plan ahead. By informing us of your urgent financial needs sooner rather than later, we can ensure that your paperwork is processed swiftly after 1 July 2024.
Our founder, Amanda, will be setting aside limited appointments in the first couple of weeks of July to focus specifically on urgent requests, ensuring that your financial matters are addressed promptly and efficiently.
Tip 2: Get organised early
The key to a stress-free end of financial year lies in organisation. Start gathering all necessary documents and records well in advance. This includes income statements, expense receipts, employee payroll information, and any other financial documentation relevant to your business or personal finances. By having everything in order ahead of time, you’ll avoid the last-minute scramble and ensure a smooth transition into the new financial year.
Tip 3: Prioritise STP Finalisations
For businesses, the end of financial year also means finalising Single Touch Payroll (STP) reporting. This is not only essential for compliance purposes but also ensures that your employees can promptly file their tax returns. The deadline for STP finalisations is 14 July 2024, and we understand that both employers and employees are eager to get their taxes sorted. By prioritising STP finalisations early on, you’ll not only meet regulatory requirements but also provide your staff with the necessary documentation to expedite their tax return process.
In a nutshell, the end of financial year may feel daunting, but it’s also an opportunity for a fresh start and renewed financial focus. By following these three tips and enlisting the assistance of our helpful team, you can navigate this period with confidence and peace of mind. Remember, the world doesn’t end with the financial year—it’s just the beginning of new opportunities!
If you have any urgent financial needs or require assistance with end-of-financial-year preparations, don’t hesitate to reach out to us here. Our purpose is to help you thrive, every step of the way.
