EOFY 31 March 2025: Are You Ready?
March 28, 2025
The clock is ticking! The end of the financial year is just days away – March 31st, 2025. It’s time to wrap up those last-minute tasks before the deadline.
Here’s a quick checklist to help you stay on track and ensure a smooth year-end close:
• Review financial statements – Ensure accuracy of income, expenses, and invoices.
• Reconcile bank accounts – Align all accounts and credit cards.
• Chase overdue payments – Collect any outstanding dues.
• Prepare tax documents – Gather receipts, income records, and deductions.
• Check your budget – Update for year-end adjustments.
• Inventory check – Take stock and update records.
• Assess investments – Evaluate performance and adjust if needed.
• Plan for next year’s goals – Set financial and business targets.
• Store key documents – Safeguard important records for next year.
Need help? Please get in touch if you have any questions or require any additional support pre EOFY: admin@aafl.nz or 04 970 1182.
We Did It! Hello, New Financial Year! Congratulations on making it through another EOFY (1 April 2024 – 31 March 2025)! Now is the perfect time to reset, refocus, and step into the 2025/26 financial year with confidence and clarity. A new financial year brings fresh opportunities to elevate your financial strategy. Whether you're looking to grow your business, streamline operations, or optimise tax efficiency, All Accounted For is here to support you every step of the way. Now is the ideal time to set your financial goals for the year ahead. Contact us today at 04 970 1182, and let’s work together to make this your most successful financial year yet!
Just a reminder that March 31, 2025, is stocktake day for businesses holding more than $10,000 in stock. If your business is closed over the weekend, this could be the opportune time to perform your stocktake. To assist you in ensuring a precise and efficient stocktake, we've curated some helpful tips for your consideration as you prepare for your inventory count. You can find detailed insights at the following link: https://public2.bomamarketing.com/email/Nx7Y If you have any questions or require further assistance in getting ready for your stocktake, please don't hesitate to reach out to us at 04 970 1182.
Managing bills just got easier! With Xero’s new Quick View functionality, you no longer need to click through individual bills or juggle multiple tabs! Now, you can view and approve bills directly from the Quick View screen. This streamlined approach is a more efficient way to stay on top of your school’s payables—ideal for schools with multiple bills to process each month. Save time, reduce hassle, and ensure timely approvals with this handy feature! To access this feature, simply click the icon on the far left under the "View" tab next to the bill you want to check, and voilà — the transaction details will pop up right there! To approve a bill, go to the "Awaiting Approval" tab, select the bill/s you want to approve by ticking the box on the left-hand side, then click the 'Approve' button.
View our March 2025 General Ledger: - 2025 Annual Accounts Questionnaires - Staff Changes and Guarantee for 2025 - Terminal Tax Reminder - Due 7 April 2025 - Minimum Wage to Rise From 1 April 2025 ($23.50 per hour) - Xero Tip of the Month: The Quick View Functionality Tool - Welcome to the Team: John & Hassan - Tax Question of the Month: Treatment of Tax Losses When PAYE and GST Liabilities Are Written Off - IRD Upcoming Tax Payment Dates https://public2.bomamarketing.com/email/eyxE
From Tuesday, 1 April 2025, the minimum wage will be increasing. The details of the increase are: • The adult minimum wage will go up from $23.15 to $23.50 per hour. • Starting-out and training minimum wage will go up from $18.52 to $18.80 per hour. • All rates are before tax and any lawful deductions, for example, PAYE tax, student loan repayment, child support. If this change affects you and your business, now is the time to talk this through with us. We can help your business forecast for the year ahead and create a realistic budget to account for this minimum wage rise and other factors you might need to consider in the upcoming year. Give us a call today. To find out more on the minimum wage 2025, visit: https://www.employment.govt.nz/.../minimum-wage-is...
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Many hotels and motels incur unnecessary expenses that can be avoided. Operational costs, in particular, tend to rise when management isn’t closely monitoring them. If this sounds familiar, your accommodation business could be losing money that could be better spent elsewhere. After all, controlling expenses is a proven way to boost profitability. With this in mind, can you identify any unnecessary costs in your hotel or motel? All Accounted For can help. Our team will identify areas where you're spending more than necessary. From labor and operations to infrastructure, we’ll assess your costs to uncover potential savings. Over time, these savings can add up to significant amounts that could stay in your business’s accounts. Interested in learning more? Call us today at 04 970 1182.
A reminder that Xero will be retiring the classic invoicing version on Thursday, February 27, 2025. While many of you have already transitioned to the new invoicing system—following Xero's automatic switch on September 2, 2024—some may still be in the process of moving from the classic to the new version. After the extended deadline of February 27, 2025, access to Xero Classic Invoicing will no longer be available. If you haven’t fully switched to the new invoicing system yet, now is the time to do so. Familiarising yourself with the updated interface before the deadline will give you time to adjust and become comfortable with the new features. To access Xero's guide on how to navigate the new invoicing system, visit: https://learning.central.xero.com/student/activity/3482 ?
Running a successful accommodation business involves more than just welcoming guests - financial health is crucial! In reality, very few of us would fix our cars at home. Instead, we would take them to a professional mechanic who can keep things running smoothly and spot potential issues. Hotels and motels need just the same attention for managing the financial issues within their busy operations. Here are 3 reasons why having a skilled hotel/motel accountant is a game-changer: 1. Expert Financial Management: Navigating financial regulations and ensuring compliance can be tricky. An accountant keeps you on track, avoiding costly mistakes and helping with budgeting, forecasting, and cash flow management. 2. Maximising Profitability: With in-depth analysis and reporting, an accountant can identify trends, uncover opportunities, and suggest ways to cut costs – all aimed at boosting your profits! 3. Time Savings: Financial management takes time – time you could be spending on giving your guests an exceptional experience! Let an accountant handle the numbers so you can focus on what you do best. Ready to take your hospitality business to the next level? All Accounted For can help! Reach out today and let’s ensure your financial health is in great hands. Call us at 04 970 1182.
