Australian Newsagency Blog

A blog on issues affecting Australia's newsagents, media and small business generally.

End of financial year checklist for newsagents

June 30th, 2011 · No Comments

Today is June 30, a day which often passes newsagents by, many missing important housekeeping which is important to the business.  Here is a suggested checklist:

  1. Take a special backup of your business data tonight, make it your END OF FINANCIAL YEAR BACKUP and store it in a safe place.
  2. Print a debtors report, listing all debtors and their balances.  Actually, run this as a PDF and save paper.  It’s only the total which your accountant will need.
  3. Write off and bad debts.
  4. Write off any old stock which will never sell.
  5. Complete a stock take using your computer system ASAP and keep a record of stock on hand for your accountant.

While there are other tasks you could complete, there are not as essential as these two.  For example, I will be doing a year on year comparison and a quarterly comparison to check the sales health of my businesses.

My newsagency software company, Tower Systems, has been running end of financial year live online training for a few weeks now.  Its been a popular way for newsagents to ensure they are prepared.  there are two more today – anyone is welcome to join in.  Access is free.


Category: Newsagency management · newsagent software

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