Today is June 30, a day which often passes newsagents by, many missing important housekeeping which is important to the business. Here is a suggested checklist:
- Take a special backup of your business data tonight, make it your END OF FINANCIAL YEAR BACKUP and store it in a safe place.
- Print a debtors report, listing all debtors and their balances. Actually, run this as a PDF and save paper. It’s only the total which your accountant will need.
- Write off and bad debts.
- Write off any old stock which will never sell.
- Complete a stock take using your computer system ASAP and keep a record of stock on hand for your accountant.
While there are other tasks you could complete, there are not as essential as these two. For example, I will be doing a year on year comparison and a quarterly comparison to check the sales health of my businesses.
My newsagency software company, Tower Systems, has been running end of financial year live online training for a few weeks now. Its been a popular way for newsagents to ensure they are prepared. there are two more today – anyone is welcome to join in. Access is free.