It’s time for our Annual Bookkeeping Health Check.
Now everyone, calm down before you pop a vein from excitement.
The last thing we want is more frown wrinkles than we already have to deal with.
But seriously, let’s talk about our books and how we can trim away some fat and boost the good bits (with minimal invasive surgery).
7 Bookkeeping Health Checks
With EOFY behind us, we should all be in pretty good shape…. right?
If you are squirming in your seat, let’s rehash where we should be with action items you need to take to get your books back on track.
By now you should have ticked off all the below items. If not, it’s time to whip out your avocado mask and curlers and get busy.
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Recoup all costs from Property Management
Keep a track of your expenses and ensure they are reconciled quarterly.
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Ensure all vendor expenses have been paid
As above, keep track of all outgoings and ensure all vendor bills are paid and reconciled.
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Check relevant Award Wage
Minimum Award Wages went up on 1st July, 2022, equating to an increase of $40 per week for wage earners.
Ensure you have increased your wages accordingly. If you are unsure, check their level of pay with FairWork Australia.
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Super increase
From 1 July 2022, the superannuation guarantee rate increased to 10.5%, an increase of 0.5%.
Make sure to check your staff super payments and ensure you are paying the increase correctly.
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2023 Budgets
Before the silly season is upon us, take the time now to assess your budgets for the upcoming year.
Is your income tracking forwards? Is there anywhere you can pull back on expenses? Can you renegotiate better deals with suppliers and contractors?
Every little bit helps.
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Subscriptions
Take the time to look at your subscriptions and costs.
Are they all necessary? Can some trimming be made? Is there one subscription that could combine the work of two or three?
There is new tech coming out all the time and with such a competitive market, providers need to stay both ahead of the game and offer the best price.
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Insurance
When was the last time you assessed your insurance? Mmm, that’s what we thought.
It’s something we all push to the bottom of the pile as we know it’s a nightmare. Yet, one that is worth entering into.
Big savings can be made so bite the bullet and set aside a day to reassess your policies and shop around.
There you have it. Some simple steps to ensure your books are on the right track heading into 2023.
Remember, if you decide this is all a bit much for you and would like to handball to someone else, we offer an outsourced bookkeeping service to help ease the load. Contact us to find out more.
Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 25 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.