5 Ways Self Storage Sites Can Be EOFY Ready

June 30th has crept up on most of us again. We seem to have one every year and our 5 Ways Self Storage Sites Can Be EOFY Ready guide should help. If you are running a Self Storage business, then here are our top 5 ways to be ready for the end of the Financial year.

1. Track down those rogue debtors. Every Self Storage sites has them, those storers who you just can’t get to pay up on time. If you have a lot of them then your business is subsiding them and if you use accrual accounting, then come June 30 you will have a tax liability and a GST liability for them. You have to fund this from cash flow, so consider firmer action to get them up to date. Here are some ideas to get customers to pay.
2. Prepay some expenses – Prepaying expenses prior to June 30 in many cases delivers a tax deduction. Consider updating security like old out of date keypads, cameras, DVR’s and more. Even interest can be prepaid, check with your accountant. Here are the ATO Rules .
3. Get your software “cleaned up” – June 30 is a good time to take stock of all your software tools. Is your software up to date? Clean out your email inbox, archive old emails and complete all backups. clean out your inbox with secrets from Steuart Snooks.
4. Consider Dropbox. DropBox is a cloud based data sync and back up tool. Migrate your data folders to DropBox. This will help prevent data loss in the event of a fire, computers malfunction or if your computer is stolen.
5. Print out End of Year Reports – In accounting software you will need to complete any prepayment journals, make any adjustments needed, print out debtors, creditors ledgers, Payroll reports, GST balances and a trial balance. In your Self Storage software, print out management reports, occupancy, banking and debtors and prepayment reports.