As we reach the midpoint of the financial year, it is a good idea to look at your bookkeeping practices and make sure they are on track.  Here are five important steps to follow:

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1. Reconcile Accounts - Regularly reconcile your bank and credit card statements.  This helps identify discrepancies early and ensures your financial statements are up to date and accurate.

2. Review and Organise Transactions - Go through your transaction records to check you have categorised expenses and income properly.  Organising these records will streamline the process for year-end reporting.

3. Update Financial Reports - Generate mid-year financial reports, including profit and loss statements and cash flow statements.  These will provide insights into your business’s financial health and help inform future decisions.

4. Assess Tax Obligations - Review your tax situation and any potential liabilities.  Understanding your mid-year tax obligations can help avoid surprises at year-end and allow for strategic planning.

5. Evaluate Financial Controls - Assess your current bookkeeping processes and controls for efficiency and accuracy.  Look for areas of improvement, such as automating repetitive tasks or implementing new software.

By taking these steps, you can maintain accurate records and set your business up for success as you head into the second half of the financial year. 

We can help you with any of the above tasks.  Let us help to take the load off.  Call 0275347569 or www.omsolutions.co.nz/booking to make an appointment to discuss your bookkeeping worries.

Your Business Bestie - Kathy

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I'm the mum of two beautiful daughters Emma and Shannon aged 20 and 18. I have been running my successful bookkeeping business since well before the two girls were born and would like to share my tips for working mums.

1. Hire a cleaner if you can - this is my absolute top tip - your time is best spent with your family.

2. Organise the school holidays well before they come along - book a babysitter if you can't take time off.

3. Take time in the holidays to do that family shopping trip for clothes and essentials.

4. Work short weeks if you can to make time for yourself. Make sure everyone knows this is your time.

5. When the kids are sick, try to take this time off to care for them. They need you and there is nothing worse than the guilt of sending sick kids off to school/kindy.

6. If you travel for work (or family), always have a double set of toiletries & cosmetics in your travel bag so you can just pack your clothes and go.

7. Make a regular date night or lunch to connect with your partner and discuss life without the little ones distracting you.

8. 8. Remember to enjoy those little ones while they are little because when they are big you miss them massively!

Honestly I could go on and on, but I would also love to hear your tips. Comment below and let's support all those amazing working mums out there.