Now that the new financial year is under way, it’s a great idea to start thinking about getting the financial information for the previous year ready for your accountant to use for preparing your financial returns. We thought it timely to provide a few tips on preparing for the financial year-end and have used a June 30 balance date for a Cashmanager RURAL database as an example.
You can check out our HelpCentre for a Cashmanager-specific financial year-end checklist.
We also highly recommend you give your accountant access to your online database if you haven’t done so already.
- Run a Springclean: This will highlight any problems or errors for you to fix. You can do this in your Cashmanager database any time you like, but the financial year end is a particularly good time to do one.
Check out our HelpCentre topic for more information on spring cleaning your database.
- Stock Tallies: What was on farm at 30 June 2018?
- Stock Reconciliation: Using Cashmanager, does Open + Birth + Purchase = Sales + Death + Closing for each stock class and stock type?
- Financial records: Do you have a tidy folder of all invoices paid and all income received? This could include bank statements, GST returns, loan documents, interest and dividend certificate, and asset purchases.
- Has your accountant scheduled when they would like you to bring in your records? If not, give them a call and work out when you want your accounts completed and when you need to drop off your records.
- Have you completed your accountant’s questionnaire? Note any issues you would like to discuss. Specify that you would like a draft set of accounts and tax returns one week before you meet. Note any significant changes, sales or purchases over the last year. Does your accountant have a copy of your business plan or goals?
- Once you’ve reviewed your draft accounts, consider emailing your accountant before your meeting with questions you have and topics for discussion.
- Ask your accountant “What can we do better next year? How can we get the most value from you?”
- Please note this information relates to the Cashmanager RURAL product