An accurate End of Financial Year (EOFY) stocktake is critical for maintaining precise financial records and ensuring tax compliance. This short video outlines the essential steps your business needs to take as June 30 approaches:
Count Everything on June 30: Ensure you count all stock on hand across every business location, freezing stock movements during the process.
Record Unit Cost, Not Retail Price: Document the exact quantities and evaluate them strictly based on their cost price, not the final selling price.
Isolate Unsellable Stock: Keep damaged, expired, or obsolete stock separate to ensure your final valuation is correct.
Reconcile and Share: Cross-reference your physical count against your system records to identify discrepancies, then deliver the final stock value to your accountant.
Need expert assistance with your financial year-end processes?
Reach out to Austral Accountants at 1300 260 360 to ensure your business is fully prepared.
