Our Managers Share Their Top Must Dos

Updated February 13th 2020

Our Managers share their top “must dos” for their small business clients to action before year’s end.

This is undoubtedly the busiest time of year for most small business owners, but it’s also the perfect time for a mid-year business check-up to ensure a fresh and successful start to the new calendar year.

So we asked our Managers to share their top must dos to action before end-of-year

In no particular order, they are;

  • Review your budgets and forecast – How have you performed? Is the current strategy working?
  • Plan your cash flow needs based on your budgets, to ensure you can cover staff, stock and other expenses during the Christmas break.
  • Review your business structure. Is now the time transfer the business into a corporate structure or the flexibility of a trust?
  • Follow up on outstanding debtors. Be consistent and follow set processes.
  • Perform a stock-take after the Christmas sale.
  • Ensure employee superannuation is paid up-to-date. Refer to CIB key dates for when your next SGC payment is due.
  • Make sure you have no outstanding Business Activity Statements (BAS)
  • Deal with any outstanding debt with Australian Taxation Office specifically Super and PAYGW as a director can be personally liable.
  • Report through Single Touch Payroll (STP). All businesses that have employees must now be reporting via STP. Have you missed the STP start date? Here’s what to do.
  • Review borrowing arrangements to take advantage of the record low interest rates.
  • Don’t forget to take advantage of the instant asset write for new asset purchase for small business (subject to eligibility)
  • Review your policies:
    • business insurance policies
    • other fixed contract plans (software subscription, mobile phone plans, electricity)
    • check access to your company software logins (removing old employee from MYOB and Xero Subscriptions)
  • For businesses with December year end and are to be audited:
    • Have the year-end reconciliations prepared and reviewed by senior personnel
    • Review the request checklist provided by the auditor and have the required info/documents ready for the coming year end audit

We received a lot more advice than expected and it can feel overwhelming, but if managed consistently throughout the year, means it’s a simple check-up to confirm all is well and then you’re off to a successful start to the new year.

If you need help, reach out to your Adviser or contact CIB for assistance and advice.