Here is a checklist of some of the tasks you need to do as a small business owner prior to the end of the financial year.
Pay outstanding creditors prior to the end of the quarter.
Pay superannuation monthly for any employees.
Look to pay the June superannuation for employees prior to 20 June so you include the expense in the current year.
Reconcile all business bank accounts monthly in your accounting system, to pick up any errors quickly.
Review your debtors regularly and contact any customers promptly if invoices have not been paid within your normal terms of trade.
If you run debtors and/or creditors in your accounting system, check that the balances in the debtors and creditors report match the general ledger balances each month.
If you have employees check the payroll system balances match the general ledger balances for the quarter.
Review the full list of GST transactions from the accounting system for the quarter prior to completing your Business Activity Statement.