Complete your business financial checklist

Posted · Add Comment

The easiest way to complete your business financial checklist before holidaying is to make sure your list is fully completed, not missing a thing. This will provide peace of mind, so you can put your feet up without worrying about your company and enjoy your holiday to the fullest. We are here to provide you with a few tips on the easiest way to complete your business financial checklist before going away.

Get all software updated

It is a good idea to undertake a review of your financial softwares every few years to make sure you still have the most suitable one for your needs. If this is not the case, consider getting a cloud based software to make regular updates easier. Changing software can be inconvenient, so make sure you have trialled the new software before making the decision to move all your data.

Hire an accountant

Accountancy might not be one of your greatest strengths, so it is advisable to hire a professional accountant. Not only they will save you precious time and hassle, but they might also help you save money. Plus, it is your guarantee that no mistake will be made. They can help you to review your tax obligations and merge GST, to reconcile accounts and reports and to prepare your upcoming budget. They might also give you advice concerning the review of your ongoing loans and the reevaluation of staff pay.

Delegate work and set goals for staff

There might be things that you want or must do yourself, but a good manager knows how to delegate work in order to have a reasonable workload. Certain tasks can be completed by your qualified staff. For example, reviewing stock balances and reconciling physical stocktake, or assessing work in progress and reviewing debtors. Payment should be reconciled regularly so it is quick and easy to identify discrepancies – and solve them. Consider setting up goals for your staff. On one hand, it will allow you to check where things are at and work as a reminder of what should have been done when you were away. On the other hand, it will also encourage your staff not to slack behind as they know you will be keeping an eye on their progress and catch up with them when you are back.

Review everything

There is nothing worse than coming back from holidays and not knowing what has been happening, so make sure you review the ongoing contracts and customers before leaving so that you can be on top of things as soon as you come back!

As for staff, you might not be the only one who deserves a break. Make sure you check (and possibly approve) all the requests for annual leave before leaving yourself.

Put automatic reply on email

You probably do not want to think about how many emails will be in your inbox when you come back from holidays – and you don’t have to. While there is not much you can do about that, remember to set up an automatic reply. This way, the senders know not to expect any response for a while and will (hopefully) stop sending emails until you return.

Taking care of your financial business checklist can be a daunting task, but these few tips should make it a lot easier – and will allow you peace of mind while you wander away. Time to take these work shoes off and step into your thongs!

If hiring an accountant is one of the things on your list, contact the highly skilled team at IQ Accountants today on 5576 0011. Let us assist you with management of cash flow, systems and budget development, tax and gst preparation, and any other accounting and bookkeeping processes that need doing to perfection.