As we approach the end of the financial year, it's important to start thinking about preparing your financial statements. To ensure that everything is accurate and up-to-date, we recommend that you take the following steps:
Remember to complete a stock take. This will help you to determine the value of your inventory at the end of the financial year and will also help you to identify any discrepancies.
Ensure that you have an accurate work-in-progress (WIP) report. This will help you to determine the value of any work that has been done but not yet invoiced and will also help you to identify any jobs that may need to be completed before the end of the financial year.
Write off any bad debts. If you have any outstanding debts that are unlikely to be paid, it's important to write them off before the end of the financial year.
Review the fixed asset register and ensure that all assets are still on hand. This will help you to identify any assets that have been lost, stolen, or disposed of, and will also help you to ensure that all assets are properly accounted for.
Taking these steps will help to ensure that your financial statements are accurate and up-to-date, and will also help you to avoid any potential issues with the IRD. If you have any questions or need assistance with these tasks, please don't hesitate to contact us.
Contact Tim Doyle or Jane Evans today to discuss your business and accounting needs on 07 823 4980 or email us. Our office is in Cambridge, NZ, but distance is no problem. We have many international and national clients.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.