End of financial year check up for your business

Business Planning And Forecasting

With financial year end coming up soon, now is a good time to tidy up the books and review. But it shouldn’t just be about the numbers, it’s also a good time for a mental health check-in for staff and yourself.

To help you out, Xero has put together some handy resources, like webinars, a tax calendar, tools for wellbeing and more. Keep reading to make sure your business is all set.

Tidy the books and plan for the new financial year

Financial year tax calendar:

Get the books in order so your business’s financial performance is accurate for your income tax return. Use Xero’s handy tax year calendar for your office or home wall so you don’t miss a beat.

Download here

End of financial year processing webinar:

Get Xero up to date for the end of financial year webinar – what to get ready for your accountant or bookkeeper. Thursday 3 March 2022, 10am-11am.

Complete payroll year end:

Xero offers seven steps to help you finalise your payroll year end in Xero, so you can enjoy a smooth start to the new financial year.

  1. Post the last pay run
  2. Review and reconcile
  3. Make amendments if needed
  4. Issue annual earnings certificates
  5. Review and update employee wage and tax details
  6. Review and update employee leave details
  7. Sit back and relax!

See the seven steps in detail

And note that there are three key changes in New Zealand payroll calculations for the new financial year:

  • The annual ACC earner levy rate is increasing from 1.39% to 1.46%
  • The annual ACC earner levy threshold is increasing to $136,544
  • The student loan threshold is increasing to $409 per week

These changes should be automatically updated in your payroll software. Please talk to us if you are unsure.

Gain financial insights at year end and beyond webinar:

Small business masterclass: check your business viability webinar – join a live workshop with Xero experts and other small business owners. Wednesday 2 March 2022, 10am-12.30pm (note that workshop is full, registrations will be automatically added to the waitlist).

Cashflow: get to know your numbers

It can be tricky to get a handle on cash coming in and going out of your business. These two examples can help get you comfortable with using Xero to forecast, so you can keep an eye on your cash flow.

Cashflow statement

Cashflow forecast

Mental health check up

Xero Assistance Programme you, your team and your families can access free and confidential counselling support and resources through this programme.

The Check In – a simple guide to help you support your own and others’ wellbeing. If you’d like a hand with encouraging wellness and building resilience in your team, consult The Check In.

As always, if you have questions regarding your business, please get in touch and ask how we can help.

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