Well, it's that time of year again, the end of the financial year, when we start to look at the books again.
Our POS systems do not require a special backup or a specific time to run EOFY reports. This means you have plenty of flexibility to fit this into your schedule. The only reason to run them immediately is if you want to clean up your books.
Essential Financial Statements
Your accountant will need specific statements to prepare your business accounting and taxes. Be sure to ask them exactly what they need and which date ranges they require. The essential reports generally include:
- Profit and loss statements
- Balance sheets
- Cash flow statements (if you use them)
I suggest printing these in detail so you have the data to support your figures. Do not worry if it seems like too much information; I have never heard an accountant complain about receiving too much detail.
For the tax-savvy, review these reports and look for opportunities to write off any damaged stock or bad debts. Highlighting these items makes it easier to discuss potential tax deductions with your accountant.
Key EOFY System Reports
- Sales reports: These provide the totals of your various revenue streams.
- Stock valuation: Generate this after your stocktake to get a comprehensive picture of your current inventory levels, which is crucial for managing diverse categories such as books, greeting cards, and gifts.
- Accounts receivable (debtors): This highlights your customers' total debts, unpaid invoices, and outstanding balances.
- Accounts payable (creditors): If your software tracks creditors, this shows the total amount of outstanding payments you owe to suppliers or vendors.
System Functions and Webinar Training
Our team has prepared a video from a recent webinar that delves into the intricacies of EOFY reporting with our POS software. From dissecting each report to answering your burning questions, this webinar is a must-watch for understanding how to use helpful system functions.
I think you will find that reviewing these reports will show many insights and give you ideas for your business. If you need any extra help, give us a call!
Of course, if you need more help, give us a call.
Written by:
Bernard Zimmermann is the founding director of POS Solutions, a leading point-of-sale system company with 45 years of industry experience, now retired and seeking new opportunities. He consults with various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.
