Before you know it, the end of financial year will be here. Scary thought, considering it just feels like yesterday that it was January!
We all know the importance of having the processes in place for End of Financial Year so that it all runs smoothly and we want to help you get organised, so there isn’t a last minute rush to get everything organised.
While a lot of you are thinking its just another report to run after end of month at June 30, now is the time to review your data and ensure it is correct for when the reports are run. Most real estate agencies charge for these reports so if they are not correct, it’s difficult to justify that fee.
Here are some items to look at:
- Fees – Check owners are set up with the correct fees especially if you are charging an income & expenditure fee.
- Lost Managements – Properties that have been lost are marked as lost and archived so that we don’t send an EOFY reports to owners who will not be paying the fee.
- Creditor Invoices – Advise your owner if there are not enough funds to pay outstanding invoices in June. They may want to transfer funds so they can claim the expense in this tax year.
- Rent increases – Check that any rental reviews that have been approved this year have been updated in the system.
By doing these pre-checks you are ensuring a smoother EOFY process and will minimise the amount of changes needed to these reports after they have been sent.
Need some help? Give us a call on 02 8355 4999.
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