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.

The time has come again, and if you are feeling a bit nervous about the impending end of the financial year. Take a deep breath; if it makes you feel better, we are all doing this now. 

To get started, here's a checklist of the essential financial statements your accountant will need to produce your business accounting and tax preparation: profit and loss statements, balance sheets, and, if you use them, a cash flow statement. Please check with them what more they need and what dates they require these reports.

I suggest printing them all in detail, as you may need them to support your figures. Do not worry if it seems too much; I have never heard an accountant complain if they are given too much.

For the tax-savvy, review these reports and look for opportunities to write off any lousy stock or bad debts.  I suggest highlighting them so you can discuss with your accountant what they want to do with as these write-offs can potentially translate into tax deductions. 

Although many people do, our system does not need a unique backup for EOFY.

End-of-Financial-Year reporting

Sales Reports

These will give you the totals of your revenue streams. 

Stock Valuation

You will need to do this after you conduct your stocktake. This report will provide a comprehensive picture of your current inventory levels and values and will clearly show your inventory management.

Accounts receivable (debtors)

This report will give a total of your customers' debts and also highlight any unpaid invoices or outstanding balances. 

Accounts payable (creditors)

If your POS software tracks creditors, this report will give you the total amount of any outstanding payments you owe to suppliers or vendors.

The Webinar

Our team has prepared a video from a webinar that dives deep into the intricacies of end-of-financial-year reporting using our POS software. From dissecting each report to answering your burning questions, this webinar is a must-watch.

Remember, knowledge is power; these reports are vital to unlocking insights and opportunities. So, grab that coffee, roll up your sleeves, and let's conquer this financial year together!

Reporting and some helpful system functions for the End of the Financial Year.

Of course, if you need more help, give us a call.