Here are a few helpful tips to help get the ball rolling on your March 31st preparations.

March 31st tends to sneak up on us every year, so we wanted to get the preparation started early and share a few helpful tips early in the year to help ease the pressure. We’ll have a full update coming in our March newsletter with an unabridged rundown on the end of financial year.

Some early things you can do to get ready:

  • Record keeping: Make sure everything has been reconciled in Xero and that your accounts balance. Start gathering any invoices for large asset purchases during the year and ask your lenders to prepare loan statements that they can send out in April.
  • Stocktake: Get your records in order and put some time in the diary to perform a stocktake on March 31st. This will help us ensure your accounts are as accurate as possible and help you make sure your records are up to date and nothing is missing.
  • Provisional Tax: If you pay Provisional tax, make sure that you’re putting enough aside for the new financial year so you don’t get caught short on any bills at a tricky time of year.

Year end data-gathering painful? Want us to help you automate your document storage for year end filing?  Hubdoc is a tool that may be able to help you. Hubdoc is a Xero product that helps streamline data and document admin and includes the following features:

  • Automated document storage and filing including bills and receipts.
  • Automatic file name convention.
  • Can be accessed from any location
  • Fully integrated with Xero
  • Hubdoc Can also auto code your transactions
  • Reduced data entry. Hubdoc reads your bills and receipts
  • Phone app available

If you want assistance setting Hubdoc up, your local Sidekick can provide assistance. Feel free to book in a meeting to get this process started. 

Xero Webinars

Xero is doing a number of webinars throughout February and March. We recommend tuning into any that are of interest or relevant to you:

  • Review and process payroll at financial year end in Xero
  • Thursday 24 February, 1pm – 2pm
  • Gain insights with Xero Analytics Plus
  • Tuesday 1 March, 10am – 10.30am
  • Get Xero up to date for the end of financial year
  • Thursday 3 March, 10am – 11am
  • Prepare for the new financial year in Xero Practice Manager
  • Thursday 10 March, 10am – 10.30am

Register for any of the above webinars here!

If you have any other questions or want to relieve your stress feel free to reach out and touch base with our team.