Best Practises for meeting financial reporting deadlines

Meeting financial reporting deadlines is one of the most important tasks for business owners however small business owners often struggle to do so as they’re often time poor from all the other tasks they must do on a day to day basis.  In addition generally the small business owner goes into business to do what it is they’re good at be that fixing cars or cutting hair and therefore may not have the necessary skills or knowledge to be able to record and report their financial information accurately. 

Cloud accounting software makes is easier than ever before to create and maintain secure financial records and the great functionality of bank feeds allows data to be kept up to date with very little input.  Generally someone with little or no experience in bookkeeping or accounting can be up and running in a very short time with very little investment of time.

Whether the small business owner is proficient or not in the area of bookkeeping or financial reporting there are very good reasons to meet reporting deadlines apart from the fact that no one wants to be paying penalties for failure to lodge (FTL).  Staying up to date and meeting financial reporting deadlines is part of good practise that will add value to the business.  The reality is that businesses that stay up to date are more likely to;

  1. be profitable and have a better cash flow
  2. may be easier to sell in the future
  3. find it easier to secure finance from bankers
  4. be better informed to make timely decisions based on real time information
  5. feel less pressured at the end of the financial year
  6. be in a better position to grow the business
  7. be in a better position to quickly identify internal theft or fraud

CPA Australia has created a very handy Good Practise Checklist for Small Business.  The checklist helps Australian small business to identify some of the tasks critical to good business practise.  It contains the following;

  1. financial task checklist
  2. strategic financial tasks checklist
  3. strategic management tasks checklist
  4. regulatory requirements checklist
  5. personal affairs of the business owner checklist

It DEFINITELY worth the read and you can obtain a downloadable copy here.  Why not check it out today and get your business in tip top shape and ready to meet your financial reporting deadlines.  If you’re struggling with your business in the areas of accounting software, financial recording or reporting, why not contact us today.  We’d be more than happy to have a chat to see how we can assist.

Leave a Reply

Your email address will not be published. Required fields are marked *