EOFY Adjustments
EOFY Adjustments
At CBKBS Business Solutions our bookkeeping services are second to none. It doesn’t matter whether you are a business starting out our one looking to expand. We can help you with the process of inputting your transactions and reconciling them with your bank account – with the help of tier one accounting software. Don’t waste time on bookkeeping and data entry. Let us hep you with your bookkeeping needs so you can concentrate on running your business.
What are year-end adjustments?
Without EOFY adjustments, it’s possible that your end of year accounts will not be a tre and accurate reflection of your business. There may be some year-end adjustments that need to be made to ensure your company balance sheet, and you profit and loss statement, accurately reflect your overall position.
EOFY Adjustments are required for those that use an accrual basis for their accounting. To put it simply, if you record transactions and expenses as they are incurred, even if no cash, products or services have changed hands yet, you should be taking into account EOFY Adjustments.
Accrual Accounting means that you record revenue as soon as you send an invoice, rather than when you receive payment. Vice versa, you record expenses as soon as you receive a bill, even if you haven’t made a payment yet.
What are the different types of EOFY adjustments?
What are the different types of EOFY adjustments I need to make that CBKBS Business Solutions can ensure are entered properly?
Accrued Income
This represents revenue that you have earned, for which you have not yet received payment. If you have sent out invoices before the EOFY but not yet received cash in your bank account, these still need to be reflected in your financial statements
Accrued Expenses
If you have ordered a product or service before the EOFY but not yet paid for it, or you have regular expenses that cross over the EOFY, you need to account for them as accrued expenses and make the appropriate adjustments.
Deferred Income
If someone has paid you in advance for work that is yet to be completed, or a service that is yet to be provided this should be documented as deferred income. This is common if someone is paying a deposit in advance for a service.
Deferred Expenses
If you haven’t yet incurred an expense, but you know that you will in the future, you will need to account for this as a deferred expense. This could be a conference ticket or an exhibition stand for example.
Depreciation
Depreciation means allocating the cost of a large asset over the lifetime of that asset – as the asset declines in value over a period of time. Depreciation helps you understand the real cost of running your business by allocating the declining value of the business expense associated with running a business. It helps to fully identify that a large asset will decline in value over a period of time and need to be replaced.
At CBKBS Business Solutions we help our clients make sure that they are inputting the appropriate EOFY adjustments each year, to give them a true and accurate reflection of the state of their business.
Bookkeep
Are you looking for an experienced bookkeeper to maintain and support your business? A bookkeeper is responsible for providing accurate and up to date financial information regarding your business. Keep your books on track with CBKBS.
Payroll
When starting a business it is always a great idea to have people in your corner that know what they are doing. You need support and someone who can minimise stress, having a bookkeeper that can also manage your Payroll is one stress you no longer have. CBKBS are happy to help with the management of your payroll, giving you more time to spend on more important things.
EOFY Adjustments
Preparing for the end of the financial year can be pretty daunting if you do not know what you are doing, no matter what stage you are in within your business. You always need someone on your team who can prepare you and know exactly what they are doing. CBKBS are helpful, knowledgeable and experienced.
Budgetting
Budgeting can be a hard part of any business and home life, finding a bookkeeper who can not only keep on top of all of your paperwork with the ATO but can help you budget and get on track is a priceless tool to have a part of any business. CBKBS are a vital part of every operation they are involved with, having many years of experience, Carla can get your finances on track.
Retirement Bonds
Planning the next chapter in your life or just planning ahead. It is always good to get your ducks in a row, CBKBS are experienced in retirement bonds and are very happy to walk you through the process. Get in touch with CBKBS today so you don’t need to worry about tomorrow.
Work Cover
Whether you are self employed, sub contracted or employed by a company, looking after your own wellbeing should come first. Unexpected things can happen in life and we would always like to be in the best position. CBKBS can help you understand why you need work cover, why it is important and how to go about it. Call CBKBS today for the safety of yourself and others.
Accounting Software
Accounting software is fast paced and always evolving, having a bookkeeper who is up to date with all accounting software is an absolute must these days. In modern day society it is so important that your bookkeeper has your best interest in mind. CBKBS are always learning and will always put your business first.
BAS & IAS
Are you on top of your BAS and IAS? Or are you looking to find a bookkeeper who can help you through all stages of your business activities. It can be fairly daunting starting a new business and not knowing what to pay and when to pay it. When hiring CBKBS to look after you and your BAS and or IAS you will confidently know you are being looked after.
Business Health Check
Finding a good bookkeeper is hard but finding a great one is even harder. CBKBS will handle all of your bookkeeping needs, including a business health check. A small business health check is an in depth look into your business finance. It is an easier way to find any issues or potential issues and will give you ways to resolve any problems. CBKBS highly suggest every business get a business health check.
Preparing Reports
When hiring a bookkeeper, you are employing someone to oversee your business and make sure that your business is always in order. From informing of government regulations and grants to preparing your annual reports. CBKBS will prepare reports for you so you are able to track and is a measurable format of what your losses and profits are from the year. CBKBS recommended receiving reports so you can keep your business on track.
Rescue Jobs
Are you in need of a bookkeeper who is experienced in rescue jobs? If your books are older than three months old and you are in any of the following scenarios, you will be in need of a rescue job: Need to lodge outstanding BAS for months or years, Behind in your superannuation contributions, Behind in your tax return lodgement A lot of time people put off doing or catching up on their lodgements due to the fear of a bill from the ATO. Unfortunately for every quarter that you miss or that your lodgement is overdue, you will face penalties. CBKBS can take the stress away from letting your bills get on top of you.
Some of the locations we service:
- Carrum Downs Bookkeeping
- Mount Eliza bookkeeping
- Frankston bookkeeping
We are industry specialists as:
- Mechanic bookkeeper
- Nursing Home bookkeeper
- Hospitality bookkeeper
