What to do before 31 March

Funny how being a business owner makes you addicted to that feeling of having your sh*t together. But have you ever noticed how underachievers often vehemently despise being told what to do while super-successful people value advice.  They hunt out the best minds and interrogate them until they know exactly what to do, in chronological order and meticulous detail. They’re the first ones calling us demanding to know exactly what needs to done before financial year-end.  To save you the phone call, you’ll find our to-do list below ... so you can get stuck in turning those to-do’s into ta-dahs.

Claim bad debts
Pop into Xero and check the customers who owe you money.  If there are any that will never pay, turn them into bad debts in Xero before 31 March. 

Claim unused assets

Print the depreciation schedule and bin assets you don't use anymore. Tell us which assets you've scrapped so we can magially turn them into a tax deduction.

Claim unpaid bills

Print the list of bills owing in Xero.  Delete any incorrect bills and enter any missing bills.  Remember, you can claim March bills even if you don't pay them until after March, on say the 20th of April.

Stock take

On 31 March, physically count your stock, fix any discrepancies in your inventory software and then give us the total cost of unsold stock (GST exclusive).

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