Once again that time of year is upon us – Tax Time! As 30th June approaches it’s worthwhile taking some time out of your busy schedule to check your business’s financial records are in reasonable shape. Here are 10 things you can do before meeting with your accountant to save time and money. Remember, the less work your accountant has to do, the less they charge you for!

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1. Make sure your book keeping is up to date. Even if you only keep a shoe box for your records – make sure all your receipts are in there.
2. Invest in a software package. Even the cheapest software can help streamline your bookkeeping. Check out the ATO website for their free record keeping software.
3. Reconcile your debtors and creditors accounts.
4. Perform a stock take! Ouch! Now here’s a nasty one. However, if your company does buy and sell stock, it’s good to have a physical check at least once per year to confirm the value in your books.
5. Reconcile your bank and credit card statements. This gives your accountant and the tax office an indication that your record keeping checks out. It’s a must for producing reliable financial reports.
6. Balance your payroll figures and produce payment summaries for your employees. Send off the relevant information to the ATO before the deadline.
7. Have a look at your profit and loss account and balance sheet. If there are any unusual figures, sit down with your accountant and have them explained to you.
8. Prepare any documents for new finance contracts or loans to hand over to your accountant.
9. Check out the legislative changes to super and payroll before 30th June so you are ready for your first payrun in July.
10. If you haven’t done it already, prepare a budget for next year. If necessary leave this until you meet with your accountant and have them help you to set one up.

Jan Wrack is a MYOB certified consultant with Millbrook Accounting Software Solutions