Tom the Accountant

31/05/2021

Having reflected carefully on where to best spend my time, I will only be offering rental property accounting services. Reach out if you have a rental property and require an end of year tax return. Part of this service is ensuring I maximise your deductions so as to minimise your end of year tax bill!

02/04/2021

1 April generally marks the beginning of a new financial year for most businesses. Here's some things you can do to close out the previous year and make the year-end process easier for yourself and your accountant:

1. Have your bank statements available or a screenshot of closing bank balances at 31 March.
2. If you use accounting software like Xero, ensure that your bank feeds are reconciled up to balance date.
3. Review all accounts receivable (money owed to you) and determine if any are NOT recoverable.
4. All invoicing for work done by you is up to date.
5. Invoices and/or nature of any legal expenses incurred.
6. Details of any transactions you were unsure of how to treat during the year - have the invoice or receipt available.
7. Details of any business funds or assets used privately during the year.
8. Details of any new investments or borrowings.
9. If you hold stock, perform a stock take so you know how much inventory you have on hand at balance date.

16/03/2021