As we approach 30 June, it’s the perfect time to reflect, reset, and prepare for a successful new financial year. Whether you’re a sole trader, small business owner, or growing enterprise, wrapping up the year with clarity and confidence sets the tone for the months ahead.
Here’s how to end the 2024–25 financial year on a high:
✅ 1. Reconcile Your Accounts
Make sure all your bank accounts, credit cards, and loan accounts are fully reconciled. This ensures your financial reports are accurate and ready for your accountant or tax agent.
Bookkeeper’s Tip: Don’t forget to check for any duplicate transactions or uncategorised expenses!
📦 2. Review Your Expenses & Assets
Now’s the time to:
- Finalise any outstanding supplier invoices
- Write off any bad debts
- Review your asset register for obsolete or scrapped items
This helps ensure your financials reflect the true state of your business.
💼 3. Superannuation & Payroll Compliance
- Pay superannuation for the June quarter by 28 July, but consider paying it by 20 June in Xero Super to claim a deduction this year.
- Check payroll for accuracy, especially with the 12% Super Guarantee rate starting 1 July 2025.
- Finalise Single Touch Payroll (STP) reporting and issue income statements to employees via myGov by 14th July.
📊 4. Run Key Reports
Generate and review:
- Profit & Loss Statement
- Balance Sheet
- Aged Receivables & Payables
- GST and BAS summaries
These reports give you a clear picture of your business health and help identify areas for improvement.
Struggling to understand these reports? Reach out to us we have some new software that we think is the bomb for financial reports that we can setup for you, think graphs and pictures rather than a page of numbers.
💡 5. Plan for the Year Ahead
Use this time to:
- Set financial goals and budgets
- Review your pricing and cash flow
- Consider tax planning strategies with your accountant
A fresh financial year is a great opportunity to realign your business strategy.
🤝 Let’s Wrap It Up Together
As your bookkeeper, we are here to help you close the books with confidence. Whether you need help reconciling accounts, preparing reports, or getting payroll in order, we have got your back.
Let’s finish strong and start the new year even stronger!
Grateful that we have had the opportunity to work together this financial year. Want to catch up and talk about your plans? We love a chat!