June 27, 2011 – RSM Bird Cameron offers businesses 12 tips for starting the 2011/12 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 is often frantic and last minute.
“Wrapping up the end of financial year successfully helps businesses roll into the new financial year smoothly, and ensures business owners put their best foot forward right from the get go. 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 2011/12 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 company and impact cash flow, debt management or even the overall liquidity of your business. It can also uncover fraud, theft and inventory control systems which may need to be upgraded or reviewed to reduce stock loss through damage or inadequate logistics. Read more ❯