END OF FINANCIAL YEAR CHECKLIST FOR SALON OWNERS IN 2019

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Posted July 8, 2019

The end of the financial year is a huge time for salon owners. Not only do we have to sort out quarterly BAS statements during this period, but it’s the time to bring together all of the expenses throughout the year, and make sure that we are claiming what we can and paying only what we need to to the ATO.

2019 has the added pressure of being the year in which Single Touch Payroll has been introduced. Yes, it will alleviate some of the stress that salon owners typically have at this time of year – in 2020 there will be no PAYG summaries to make for staff, no group certificates to lodge – but for this year, we need to do all of those things and implement this new system into our salons. Groan.

So the team at HABA thought we would give you a simple checklist of the most important things to get done this EOFY to make sure that you’re ready and rearing for the next financial year.

• Finalise all payments for June to staff so the transition to Single Touch Payroll (STP) can be started
• Get together your payment summaries for your team and deliver them to them. Don’t forget any staff that might have left your business in the last financial year.
• Get set up with STP – we wrote a complete guide to getting this done here. If you feel overwhelmed by the process, HABA Payroll can help. All you have to do is sign up for HABA Payroll to receive complete service and support when transitioning to Single Touch Payroll. We know your time as a salon and business owner is valuable, and so we have done as much as we can to limit the number of things you need to do – instead, we handle everything for you for a small fee per pay cycle.
• Collect and scan all your business expense receipts for April-June 2019 for your Quarterly BAS statement. Make sure to send these to your tax agent as soon as possible, and they will advise when exactly you need to pay your bill.
• Do an extra search for any unusual business expense receipts that you might not have used during the year – think electricity bills, tradesmen, water bills etc. that get missed during your BAS sweep.
• Check your bills. Now is a great time to make sure you’re getting the best deal for your salon. Look at things like electricity, phone lines, internet providers, salon software, salon supplies and even waste services. Don’t forget to check out HABA’s Alliance Partners for great discounts only available to HABA Members. Small changes in all these bills can mean big changes to your bottom line.
• Check in with your financial planner or accountant to review your position and to be aware of the changes you need to implement in salon this year. Look at the targets you set yourself for this financial year and work out where you want to be this time next year.
• Review any outstanding invoices or offers that need to be claimed, like free services or bundle deals.
• Make a cloud-stored backup of your business files. This ensures that even if there is a crisis and some things get lost in a blackout or emergency, you always have a record of your clients, finances and business details to fall back on.

The End of Financial Year offers a great reset point for most businesses, allowing salon owners to ensure that they are putting their best foot forward as we head into one of the busiest times of the year in our industry. Run through our checklist in your salon, and we are sure that you will be in a better position for the start of this New Financial Year.