Every retail business needs to plan for the end of the financial year. Do this and the actual work involved is quite minimal.
- Take a special backup of your business data June 30th, make it your END OF FINANCIAL YEAR BACKUP and store it in a safe place.
- Print a debtors report, listing all debtors and their balances on June 30th. Actually, run this as a PDF and save paper. It’s only the total which your accountant will need. For instructions on how to run these reports see End Of Financial Year Procedures
- Write off and bad debts.
- Write off any old stock which will never sell.
- Complete a stock take using your computer system ASAP and keep a record of stock on hand for your accountant. However, if you have been managing stock through the year through your software this may not be necessary. For instructions see Stocktaking
While there are other tasks you could complete, there are not as essential as these two. For example, a year on year comparison and a quarterly comparison to check the sales health of your businesses.
For some marketing ideas please see End Of Financial Year Marketing Opportunities