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Melbourne BAS Agent Offers Timely Advice On Small Business Accounting Software For The Month After End of Financial Year

While many business owners race to the end of the financial year, the month after 30 June is key to avoiding costly tax errors.


Victoria, Australia – WEBWIRE
AboveBAS offers businesses more than just bookkeeping services. Fiona Failla has several certifications and memberships, including an Accounting diploma and is a registered BAS agent.
AboveBAS offers businesses more than just bookkeeping services. Fiona Failla has several certifications and memberships, including an Accounting diploma and is a registered BAS agent.

There’s so much for one business owner to do, for example payment summaries, taxable reporting summary, paperwork for assets, manage reconciliations, accounts... that can be a lot of pressure!

All businesses tend to go through stressful times at the end of financial year as there are a lot of financial details, receipts and invoices that need to be in order. However, there is a way that businesses can maximise the month after the end of the financial year, according to a Melbourne BAS agent.
 
Key to managing the month after 30 June is having an end of financial year checklist which helps businesses to stay on top of all their reporting requirements.
 
“There’s so much for one business owner to do, for example payment summaries, taxable reporting summary, paperwork for assets, manage reconciliations, accounts… that can be a lot of pressure!” explains Fiona Failla of AboveBAS.  www.abovebas.com.au
 
And many firms find the task overwhelming, so look to experts such as Fiona for end of financial year help, so they have someone who can take care of their paperwork , freeing them up to continue taking care of their business. In the month following June 30, the Melbourne BAS agent can help businesses lodge the BAS, issue payment summaries, ensure all superannuation has been reconciled, and then lodge everything with the Australian Taxation Office or ATO compliance on behalf of the business owner. www.abovebas.com.au
 
Here are small business tips to help any company to survive the month after the end of financial year.

1. Employee contracts and award.

  • It is about changing the status of those no longer working with the company to “inactive”, along with documenting termination dates.
  • Ensuring correct details for current employees prior to the completion of Payment Summaries.
  • Making sure the staff award rates are correct before the first pay cycle of the new financial year (being aware of any new minimum wage increases).

2. Superannuation

  • Lodging and paying Super as soon as the last pay run for the year has been completed.
  • Making sure that Super reconciles for the financial year.

3. Bad Debts

  • Reviewing an aged receivables report and writing off the bad debts if there is no chance of recovering the funds owed.

4. Those on a cash basis should try to pay all suppliers before the 30th June to ensure maximum claim benefits.

5. For small businesses who need to purchase equipment or a Motor Vehicle under $20,000 should do so the before 30th June for the instant asset write-off.  Then keep a log book for the first 12 weeks of the new financial year to ensure compliance and maximum tax deductions for the coming financial year.

6. Businesses should prepare their paperwork for all assets purchased during the current financial year within one month of 30 June.

7. Stocktake and inventory

  • For firms that hold stock should complete the stocktake by June 30 to ensure the business has a correct stock on hand for the New Year.
  • Corrective action should be taken immediately for missing stock or stock that should not be on hand.

8. Taxable Payments Annual Report

  • The ABN and business details of the firm’s contractors should match the ABN on their invoice.  Businesses should also check who is responsible for lodging the Taxable Payments Annual Report for contractors.

9. Suspense or unanswered queries

  • It is important to resolve queries on business transactions with the accompanying paperwork.

10. Remember to reconcile all accounts such as:

  • Super
  • Taxable Payments Annual Report
  • PAYG Withholding
  • Bank Accounts
  • Credit Card Accounts
  • Loan Accounts

Businesses are great at sticking to their core business skills.  Freeing up time by outsourcing bookkeeping to the Melbourne BAS agent who are specialists in small business accounting software, allows the business owners to get on with what they do best.  Check them out at www.abovebas.com.au.
 
 
About AboveBAS

AboveBAS offers businesses more than just bookkeeping services. Fiona Failla has several certifications and memberships, including an Accounting diploma and is a registered BAS agent.

Her team has a combined wealth of over 50 years of experience. At AboveBAS they work closely with businesses in Consulting, Training, Advisory and bookkeeping solutions. They have also developed the AboveBAS Business Guidance program that offers a helping hand for your business journey.

AboveBAS uses the Pure Bookkeeping System. These processes and systems have been implemented into AboveBAS to ensure the quality of work produced is consistently of the highest standard.

No matter what situation you find yourself in, or how complicated your accounts are, The Team at AboveBAS are there to assist you in becoming efficient and offer you peace of mind. The team are experienced in getting the job done right or if preferred they are there to guide you step by step to achieving your goals. They can even help set your goals.

The company caters to all streams of business such as the medical industry, trades, retail, and franchises.
At AboveBAS we maintain continuing professional development and are up to date with new software releases and most importantly our BAS AGENTS meet all the registration requirements from the ATO and can legally lodge your BAS.


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 End of financial year
 ATO compliance
 Small business tips
 Melbourne BAS agent


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