Your Year End Financial Checklist

Your Year End Financial Checklist 

As the year wraps up, it is a great time to pause for a moment and make sure your business is set up for a strong start to the next financial phase. It does not need to be complicated. A simple checklist can help you clean things up, get clear on where you stand and make the next few months feel a whole lot easier. 

Below are some of the main things we encourage business owners to review before heading into the new year. 

Get clear on your financial position

Before you think about planning, it helps to know exactly where things stand today. 

Here are a few things to check: 

• Are your accounts fully reconciled?
• Are there any old items sitting in your bookkeeping that need attention?
• Are your BAS and IAS lodgements up to date?
• Do you haveaccurate, current reporting available?

If you need support with this, our team can help tidy things up quickly. Get in touch.

Review your business structure

Your structure affects everything from tax to asset protection to how easily you can distribute profit. A structure that worked for you in the past might not be right for the stage you are in today. 

You may want to review your structure if: 

• Your revenue has grown
• Your team looks different to last year
• You have taken on new assets
• You want better tax outcomes going forward

If you want more clarity, take a look at our business advisory offering.

Check your tax planning opportunities

There are often simple things you can do to manage your tax position for the year ahead. It does not have to be complicated. Even a quick conversation can highlight opportunities you may not be taking advantage of. 

Things worth reviewing: 

• Timing of income and expenses
• Depreciation and asset write offs
• Contributions to superannuation
• Potential structure adjustments

Find out more about our tax planning.

Update your cashflow and forecasting

Clear forecasting gives you confidence. It helps you plan hiring, understand your runway, manage debt and spot cashflow dips before they catch you off guard. 

 We suggest checking: 

• Do you have a rolling forecast?
• Do you know what the next 3 to 6 months look like?
• Do you understand your high and low cashflow periods?

Contact our team for business advisory support.

Revisit your goals for the next year

It is easy for goals to slip to the back of your mind when you are busy running a business. Year end is a great time to bring them back into focus. 

 Consider asking yourself: 

• What do I want the next stage of my business to look like?
• What needs to change to make that possible?
• Who do I need support from?

Even small changes can create big progress. 

You do not need to do this on your own. We are always happy to help you review your structure, tidy up your reporting, talk through your tax position or simply make things feel clearer as you move into the next year. 

Reach out any time via phone, email or our contact form.