Gunson McLean Ltd

Slide into the New Financial Year

20 March 2022

The end of the financial year is creeping up quickly. While you want to make sure you’ve covered all bases correctly, it doesn’t have to be a stressful time. We’ve put together a few tips to help you prepare and sail as smooth as possible into the new financial year. 
 
 
Get the right advice
Just as you wouldn’t rely on an internet search for a health diagnosis, the same applies for the health of your business. Now is a good time to talk to us and work through what needs to be done before the year-end. We can help answer questions such as, what documents do I need to gather up? What sort of tax should I have paid? How much more do I need to pay and when do I pay it? Plus, everyone’s favourite question – can I pay less? 
 
Know as you go
If you’re using MYOB you can check in on your data at any time. If you don’t have access, then your accountant will need to invite you in. You can create a P&L (Profit & Loss) statement or a balance sheet in accounting software whenever you like - not just at year-end. This lets you know exactly how your business is performing at any time. This is key to understanding and managing your business’s financial health.


 
Plan your year ahead
Now is a good time to talk to us to work on a plan for the new year. It’s a very good idea to make sure you have a business strategy in place to ensure there are no surprises – we can help with that.
 
Start the year with a clean slate
Tying up loose ends can make financial year-end much smoother. Make sure you’ve invoiced all customers correctly, and you’ve paid any due bills. Bank any cash and check that all payments have been recognised. Also ensure outstanding bills have been entered into your accounting software, and all work you’ve done has been invoiced. This will make going through your records a much smoother process for us or others involved.
 
There is an easier way
A cloud accounting platform makes running your business easier and helps us or your accountant complete your year-end accounts faster. This is because everyone is working from the same set of data and it is always up-to-date – no messy backlog to deal with. Keeping on top of bank reconciliation also helps you stay in touch with what’s happening in your business. All of this, plus storing key financial documents in the cloud during the year, makes your financial year-end a breeze!
 

Business support measures

Make sure you consider the business support and tax relief measures introduced because of COVID-19 so you can sail as smooth as possible into the new financial year. There are some things you may not be used to thinking about when you prepare for end of tax year, which is why it’s good that you talk to us sooner rather than later.


The team here at Gunson McLean are busy preparing tax plans and forecasts for many of our clients in preparation for end of year. If you need help, please don't hesitate to get in touch. 

20 February 2025
The end of the financial year is fast approaching, so if you’re balance date/end of financial year is 31 March, there are a few things you need to do to help us prepare your financials. Take a stocktake If your business sells products or has stock, you’ll need to do a stocktake on 31 March. If you’re a business that sells products, then you need to take a stocktake of your physical inventory. If you’re a farmer, then you need to take a physical livestock tally. Send in your EOY papers Compile a folder (digital or hard copy) with a copy of the following documents: Bank statement that shows the balance on 31 March 2025 for all your bank accounts and loans. Insurance invoices. ACC invoices. Loan statements for the year (if applicable). Any new loans or refinancing documents. Invoices for assets purchased and sold. GST workings and reports. Submit the online questionnaire You’ll also need to fill out and submit the online questionnaire. You should receive an email from us in April/May, with a link to fill out and submit the questionnaire. If you haven’t received an email with the link by the end of May, let us know.
17 February 2025
At Gunson McLean we are more than just a business offering financial expertise we also support our communities in Dargaville and Whangārei. By partnering with various local organisations, we help sustain and strengthen sports, recreation, and community initiatives in the region. Empowering Local Sports Clubs We understand the role sports play in bringing people together, promoting teamwork, and supporting youth development. We are proud to sponsor the Old Boys Marist Rugby & Sports Club, Hikurangi Rugby Football Club Inc, Maungakaramea Hockey Club, Maungakaramea Bowling Club, Mid Western Rugby Squash Club, Kamo Rugby & Squash Club, New Zealand Vikings Rugby Football Club Inc., and the Cobham Cricket Club. Promoting Outdoor Education We also believe that outdoor education is essential for youth development and are proud to work with the charitable trust, Pātaua Outdoor Education & Recreation Trust (POERT). We have been closely involved in the Trust’s activities for the past 8 years – handlings its financial matters – and Craig Gunson is the current Treasurer. Backing Community Halls & Facilities We’re proud to support the Whareora Hall Society and Whareora Cemetery Board as well as local cycling and motorcycling groups Marsden Wheelers Cycling Club Inc., and the Whangārei Motorcycle Club. We are passionate about the causes we support, and the opportunities and growth this enables in our Dargaville and Whangārei communities.
7 February 2025
Most people agree that optimising your business is a good idea and spend hours looking at optimising the supply chain, storage, overheads etc. However, they forget that people are one of the most critical elements in your business. By providing a caring, supportive workplace for employees you also drive the success of your business. Studies show happy workers are productive workers and, as an employer, it’s a no-brainer to provide a workplace where employees feel valued, and where they can flourish. Here are five key ways to build employee relationships, nurture your team, and create a great workplace for your employees: 1. Invest in your employees This doesn’t mean ‘casual Friday’s’ or a pizza night once a month. This is about offering your employees access to training programmes, workshops, conferences, and mentorship programmes. It’s about the professional growth of your employee and how you can enhance their skills and make them feel truly valued as team members. 2. Create a positive work environment Creating a positive work environment is about cultivating a workplace culture that feels positive and supportive of your employees. Be open and transparent with your employees, listen to their feedback and have a strong focus on employee wellbeing. This could include offering flexible working arrangements, benefits such as health insurance, and other perks. 3. Recognise and reward your employees When an employee goes above and beyond, make sure your recognise and reward them. This could by through a performance bonus, employee-of-the-month programmes or even extra time off in lieu. Feeling valued comes partially from feeling rewarded and can be an amazing motivator. 4. Give employees autonomy One of the key ways employees feel trust, is by being given autonomy. Being trusted to come up with their own solutions, processes, and ideas is key to making people feel as if they ‘own’ their role. This helps employees feel fully involved and also brings new ideas, solutions, processes, and efficiencies to the table. 5. Put wellbeing at the heart of your culture Life is stressful. And work-life can be stressful. A well though out wellbeing programme can help your employees manage stress and, in turn, benefits your business. A wellbeing programme is different for each business but some ideas could be checking in with team members, creating a ‘ask for help’ culture, flexible working arrangements including work-from-home days, and offering mental health support. Making sure you’re a caring and supportive employer is vital to your business strategy. With a team who feel valued, nurtured, and encouraged, you’ll all be happier and more productive.
SHOW MORE

To discuss all your account matters please call us on 09 438 1001

Share by: