Regardless of your financial position, the approach of June 30 brings some "housekeeping financial issues". This annual deadline is fast approaching, so please take some time to consider the following so that the end of financial year is as good for you as it can be:
1. Review your Depreciation Schedule to delete any obsolete items and add any items,
not on the Schedule.
2. Check your insurance schedule to ensure you have equipment adequately insured and that you are not covering valueless equipment.
3. Visit your utility suppliers to negotiate fresh contracts e.g. electricity/insurance providers.
4. Visit your banking arrangements to ensure you are getting the best loan or interest rate deal. Remember, with banks "if you do not ask, you will not receive"
5. Ensure employees are being paid correctly and that superannuation and wage records are up-to-date so employee pay records can be finalised promptly after June 30.
6. How long has it been since you reviewed your Will – does it adequately reflect your intentions when considering your current assets or debt levels and family situation?
7. Review your bookkeeping processes – are they accurate, timely and cost or time efficient
8. Review your trading to consider profitability. Are you comfortable with your profit level or return on investment?
9. Consider superannuation or savings plans. Statistics tell us we will live longer so we need to provide better and more stable retirement income streams. Make sure that you are up to date with the new changes and any contribution opportunities that may support you.
At Schuh Group we have a team of experienced, committed people to help guide and plan your financial future. We are a second generation business with firsthand experience in wealth creation. So, if you feel you need assistance in any of these areas, please don't hesitate to contact us on 07 5482 2855.