Please select a checklist
To assist in containing compliance costs, we encourage clients to prepare a work paper file with supporting documentation covering assets and liabilities and significant income and expenditure items so that income tax returns and financial statements can be completed in an efficient and timely manner.
The following helpful hints can save you both time and money.
- Reconcile your bank account each month.
- Have a listing of the investments held that agrees to or can be updated to agree with the balances recorded in the general ledger.
- Record details of interest received and when the investments mature and were reinvested.
- Have a listing of plant and equipment purchased and sold together with listings of livestock purchased and sold. This would ideally be completed progressively during the year as to undertake the task at year end from memory only risks errors creeping in.
- On a monthly basis reconcile wages paid to the total wages cost as detailed in the general ledger. As wage costs can be included in numerous accounts attempting a reconciliation at year end when a large number of transactions have taken place can be difficult and time consuming.
- Calculate the gross profit on sales on a monthly basis so that expected and industry margins are being measured and your business remains competitive.
The management of these core areas will enhance the accuracy and reliance of cash flow forecasts that are critical in the present business environment (particularly with the impact of GST). Guess work and estimations are eliminated, as the building blocks to calculate the cash flows are in place and are reliable.
Foreign exchange currency converter
Loan calculator and information
Pay As You Go Non-business calculator (Useful to calculate amount of tax to withhold from employee wages)