Sunday newsagency management top: your end of financial year to do list

Here is a list of things you need to do this week with the new Financial Year kicking in on July 1:

1. Take a backup at the close of business on June 30. While not all software systems will require this, it is better to be safe. Store the backup off-site. Ensure it is labelled.
2. If you use stock control and manage stock well through the year, run a stock on hand report and save this as a PDF for your accountant. The ATO will not require a stock take.
3. Review your stock performance report and set out a plan to quit dead stock (for me that is stock not sold in six months at the eldest).
4. Ensure your payroll records are up to date.
5. Issue group certificates.
6. Make final superannuation payments.
7. Submit your BAS.

This is also a good time of the year for a whole of business review leading to the refinement of your strategic plan for up to two years out.