End of financial year checklist

March 22, 2023

It’s the end of financial year for most clients and time for us to start looking at the 2023 Financial Accounts. Keep an eye out for your reminder email next month which will indicate the month we have allocated your job for. If you have any questions about the timing of your job please get in touch with your client manager.

What do we need from you?

If your business is already using Xero, the good news is that we already have most of this data. However, we may still need the following information for each of your businesses:

Your bank balance on March 31
Your Resident Withholding Tax Certificates from the bank
Payroll records, unless we run your payroll for you
Vehicle logbooks and mileage records
The March 31 balance of any business loans
Dividends
Accounts receivable and payable as at March 31
Any bad debts you’ve written off
Any other income you received during the year

Do I need to do a stocktake?

31 March is the time to be doing a full stocktake so we can get this is accurate as possible in your financial accounts. Please note how much cash you have on hand on 31 March 2023 so we can account for this too.

Working from home

If you work from home, we’ll also need information about:

Rent or mortgage interest payments
Insurance
Power
Water

It’s helpful if you can completely reconcile your accounts. If you’re stuck with a tricky refund, part payment or other anomaly, just get in touch and we can sort it out for you.

The right information helps us to help you

Having all the necessary information helps us look closely at your accounts and make sure you’re not paying too much tax. For instance, if we don’t know about all your expenses, we won’t be able to offset them against your income, so you’ll pay more tax than required.

On the other hand, if your business has a had a tough time, you may have paid too much provisional tax. Getting all your information together means we can apply for a refund if you’ve overpaid and adjust your provisional tax for next year.

If you have any questions about end of financial year or what information you need to provide, give your client manager a call.

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