new financial year

With the start of the new financial year it is worth taking a bit of time to prepare and organise yourself for the upcoming year.  Often in the first few weeks of the new financial year you are still juggling accounts, transactions and accounting entries between the different years and it can be easy to get things mixed up.  Here are some tips that just may help with the organisation for the new financial year.

  • Whether you use in trays, a filing cabinet or another filing method, make sure you have a system that allows you to sort between 2012 and 2013.  For example, when an account, document, funding agreement comes in you know which year it relates to.
  • Double check and ensure relevant transactions are accurately coded to the correct accounts and if you run accounts on an accrual basis then you need to ensure and that any balance day adjustments or reversing entries are entered correctly.
  • If you require an audit then you ideally should have a start and end date for the audit and have a clear understanding of the requirements for the audit.
  • If you are having an Annual General Meeting (AGM) then you need to set the date as soon as possible so you can publicise when it will occur.  If you plan to present an Annual Report that includes the annual financial statements then you also need to ensure the date of the AGM allows for the completion of the audit as well as the printing of the actual Annual Report in time for the AGM.
  • If you receive grants from the government, philanthropic or trust organisations you may be required to not only submit new funding proposals but also submit acquittals.
  • Prepare a simple schedule for upcoming tasks such as the payment of GST, superannuation and the first payroll.
  • Check when your insurance policies expire as often they occur at the end of the financial year.
  • If you organisation has stock then try to complete the stock take as close to 30 June as possible.
  • Review your accounts receivable to identify any significant accounts that are long overdue.  Depending on the circumstances they may need to be followed up or even written off as bad debts as part of your end of year reporting and audit requirements. 

The important issue with these tips is that the end of the financial year and the start of the new one can be quite frantic and very busy.  Ensuring everything is kept in order, accurate and up to date can be a challenge but with a simple checklist and following these tips may make it just that bit easier.