Every retail business needs to plan for the end of each financial year. Do this and the actual work involved is quite minimal.
- Take an additional backup of your business data on June 30th. Mark it as your END OF FINANCIAL YEAR BACKUP and store it in a safe place.
You will need this in case you want to get information from that particular date.
- Print a General Debtors report on June 30th, listing all debtors and their respective balances.
You can then save this report as a PDF and/or e-mail a copy to yourself and your accountant.
- Write off any bad debts.
- Write off any old stock which will never sell.
- Complete a stocktake and print a Stock Listing Report for your accountant.
If you have been managing stock using best practice methods, this may not be necessary.
For more information about performing a stocktake, click HERE.
- Print a Monthly Sales Comparison Report to compare the performance in the current financial year to the previous.
For instructions on how to perform these tasks, click HERE.
For EOFY marketing ideas, click HERE.