RSM Bird Cameron offers businesses 12 tips for starting the 2012/13 financial year

RSM_Bird_Cameron_Logo@2xMay 3, 2012RSM Bird Cameron offers businesses 12 tips for starting the 2012/13 financial year.

Andrew Graham, national head of business solutions, RSM Bird Cameron, said, “Often the end of financial year creeps up on businesses. While we know it is coming, preparation and planning does not need to be frantic and last minute.

“Wrapping up the end of financial year successfully helps businesses minimise tax and be better prepared for the year ahead. It is important to have a check list to methodically work through to ensure that every aspect is covered, and nothing is missed.”

RSM Bird Cameron offers the following 12 tips for starting the 2012/13 financial year:

1. Trading stock – physically count stock on hand at June 30. If this is not practical, ensure systems are in place to ascertain correct stock levels at year end so your balance sheet is correct. Incorrect or unexpectedly low (or high) stock levels can change the fundamental financial position of your business and impact cash flow, debt management or even the overall liquidity of your business. It can also assist to uncover fraud, theft and inventory control systems which may need to be upgraded or reviewed to reduce stock loss through damage or inadequate logistics.
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