Article written by Bob Green, Business Advisor, Western Sydney Business Centre.
It’s the beginning of April the start of the last quarter of the financial year.
Time to do some housekeeping.
For those doing their own record keeping, you need to start chasing down outstanding debts. Get the clients/customers to pay their outstanding bills so that you can pay yours. This applies not only to your everyday customers, but to government departments. State, Commonwealth and most local governments have rules to ensure the small businesses get paid on time.
My experience with the other debtors in small businesses is that these debtors can be quite “forgetful” and need to be regularly reminded. Be the squeaky wheel to get that the oil. Check out your accounting/bookkeeping software. Some have a system of automatically generating reminder emails based on parameters you set for each customer.
If you have an accountant or bookkeeper doing the work for you, still check the outstanding debts and ask questions where you think you need.
If you have payroll, check what you have been paying to whom, correct award, level etc. Has all the super been paid on their behalf. Make sure all the PAYG has been paid to the Tax Department. Get ready to do the iCare returns for actual and (forward) estimated wages etc.
Check to make sure you are properly insured. Time to talk to your broker and see if there are things you can do to reduce the premiums.
Do a slips, trips and falls assessment of your working areas and the places the public enter to make sure they are safe.
If you want expert help with this, go to the Business Connect website, look for the Western Sydney Business Centre advisors and book one of them or call on 02 4721 5011. I also provide advice to NDIS providers, Bob Green.