5 Tips to End the Financial Year Strong
In the next couple of weeks, let’s make sure you end the financial year strong.
Another financial year is almost over, where did it go? How was the year for you, good, bad or downright ugly? With just two weeks to the end of the year, it may be too late to have a chat with your accountant to do some tax planning unless you already have, but there’s still time to take action on a few things. Â
MY FIVE TIPS WHEN THE END OF THE YEAR IS THIS CLOSE ARE:
1. CHECK YOUR PROFIT AND LOSS STATEMENT.
First of all, you need to know whether you’ve made a profit for the year or not, and how much that profit is. It’s worth having a good look at each line in the profit and loss, making sure it makes sense, and nothing looks out of place.
One way to do this is to compare this years’ figures against last years and look for the anomalies.
Unfortunately, though, the profit showing in your profit and loss statement may not be the figure that you will pay tax on.Â
If your tax return is prepared based ...
Find out where the pressure is in your business
The Business Barometer will measure your business finances across three critical areas: Core Concepts, Focused Management and Planned Growth.