As the end of the financial year approaches, it is crucial for businesses to take the time to review and organise their financial records to ensure a smooth transition into the new financial year. By completing essential end-of-year tasks, you can gain valuable insights into your company’s financial health and position yourself for success in the upcoming period.
To make your reporting easier, there are a number of things you can do prior to the end of the financial year. Even though you can pull out past reports, there is no substitute for checking that they are looking clean and correct at the time needed.
Here are few steps you can take:
- Complete all the operational work, eg dispatches, bottlings and bulk operations, anything that is going to affect your inventory levels and valuations.
- Conduct a Year-End Inventory check by ensuring that your recorded stock levels align with the actual physical quantities on hand
- Reconcile all bank accounts, credit card statements, and other financial accounts.
- Review your financial statements, including the income statement, balance sheet, and cash flow statement. Ensure that all transactions are accurately recorded and categorised, check for discrepancies.
- Record all journal entries for inventory movements during the past month to complete your full year’s worth.
- Assess WET Tax Liability
Get all your employees on board by finishing their work ahead of time. Vinsight helps you with reporting by running reports like Stock on Hand and Bulk on Hand Cost Summary on the day of the new financial year. This will assure all information is accurate and up to date. Take copies of these reports at close of business at the end of the financial year.
You can read more about this on here:
End of period inventory journals
By completing these essential end-of-year tasks, you can maintain accurate financial records, identify potential issues, and position your business for success in the coming year. Regularly reviewing and organising your financial data provides valuable insights, ensures compliance with tax obligations, and helps you make informed decisions. Stay ahead of the game by dedicating time to these tasks, and you will set a solid foundation for the growth and prosperity of your business in the future.
