Bookkeeping Tips - EOY Made Easy!

If your end of financial year is 31 March then you are less than a month away from getting your ducks in a row. 🦆🦆🦆  Here are some really simple tips to help you get ready:

1.      Reconcile your bank accounts: Make sure your bank accounts, visa cards and loan accounts in your accounting software match your bank statements.

2.      Check your Sales Invoices are paid.  Chase up overdue.  Write off any bad debts that are unlikely to be paid.

3.      Check all your Purchase Invoices are entered: even if not paid these expenses were incurred in this financial year and need to be recorded.

4.      Review your financial statements, make a list of questions: Take a closer look at your profit & loss report and balance sheet.  Ensure everything is accurate and up to date.  This gives you a clear picture of your financial health and help you identify any areas that need attention before the financial year ends.

A little preparation now can save you a lot of stress later.  If you’re unsure about anything, or just need a hand, please don’t hesitate to reach out to us.  We’re here to help you navigate your financial year end and can put strategies in place to make this and the next ones stress-free.

Your business besties ~ The Team at OMS