End of Financial Year Checklist for Business Owners – By Ann Cooper-Smith 

With 31 March fast approaching use Q2’s Checklist to ensure the next financial year launches smoothly and your goals are achieved:

Management & Leadership

  • Strategic plan in writing for next 12 months?
  • Organisational structure with reporting lines and accountabilities defined?
  • Job descriptions and KPIs in place for all team members?
  • Performance and/or salary reviews completed?
  • Marketing plan?

Finance, Accounting & Tax

  • Financial and cashflow forecasts prepared for next 12 months?
  • Pricing (and costings) reviewed / updated?
  • Payroll ready for Pay Day filing?
  • All 2018 tax returns filed with IRD?
  • 2019 provisional tax due 7 May 2019 reviewed?
  • 2019 financial / tax end of year prep done?
    • Bad debts written off accounts receivable
    • Prepay expenses so can claim a tax deduction
    • Stock on hand valued and obsolete stock written off
    • Minimise end of year Work In Progress (WIP)
    • Review fixed assets for items to be scrapped for tax purposes
    • Quantify holiday pay owing at 31 March 2019 (if paid by 2 June claim a tax deduction)

31 March is the ideal time to transition your accounting software to a more suitable or convenient platform.

If you need help with any of the above contact Q2 Ltd.  Helping business owners run better businesses is what we do.