Financial Year End Sale Checklist for Business Owners

Financial year end is a stressful time for business owners, companies, corporates, banks and almost all workplaces. However, it's also a crucial time to review the fiscal year end, your finances and set new goals for the next accounting year. Along with reviewing business operations and strategizing for the next business goals and success, it's important to clear out old stock and boost profit. That's where Amazon's financial year end sale comes in handy.

Making an end of financial year checklist would be extremely helpful to the upcoming year to analyze how the past fiscal year ended for large, small and medium businesses. In this blog, we will guide to through the year end financial checklist, so you don't overlook important aspects. Moreover the upcoming Amazon India sale would be ideal to ensure this checklist. So, register with Amazon Business today to get ready for the Amazon deals and forthcoming sale on Amazon.

What is Financial Year End?

Financial year end represents the end of a company's or business's financial period, usually at the end of each calendar year. During this time, businesses assess their current financial position and plan for the upcoming year. It's heloful to have a clear idea of your company's financial health before making decisions about any changes or making bold end of financial year business decisions.

At the end of the financial year, creating a checklist to ensure all tasks are completed and no important details are overlooked is extremely beneficial. This end of year financial checklist can include tasks like closing any open accounts, paying outstanding taxes, and making sure all records have been updated with the correct information. It's also important to review your business goals and make sure they are still relevant.

What is the Start and End of Financial Year?

The start and end of financial year (or fiscal year end) is a period used to measure the performance of businesses. The financial year dates usually start from July 1 to June 30 every year, but it varies depending on the type of business or country in which the company operates. The financial year does not necessarily have to line up with the calendar year.

Knowing when the start and end of financial year are is important for businesses to plan their budgeting and taxation obligations orderly and timely. By defining a specific period in which these numbers can be monitored, companies can ensure they are meeting their tax deadlines and remain in good financial health.

What is an Assessment Year?

An assessment year is a financial year in which your income tax return must be filed with the government, like the GST return filing. It usually follows the financial year end of March 31 and runs from April 1 to March 31 of the following calendar year. The assessment year is used for calculating taxes due on earnings made during that particular financial accounting year. For instance, if the financial year end is March 31, 2021, then the Assessment Year would be 2021-2022.

Any income earned from April 1, 2021 to March 31, 2022 will be assessed for taxes due in the financial year ended on March 31, 2022. It's important to remember that all applicable taxes must be paid before the end of financial year. (Read our blog on GST registration process, GST Tax Invoices, rules and procedures, and HSN code for your reference.)

Suppose you have earned income in two financial years (one during the financial year end and one during the assessment year), then you may need to pay taxes on both incomes. Therefore, it's important to understand what your tax liabilities are for each financial year by keeping track of all earnings throughout the financial year and the Assessment Year.

What is the Difference between Financial Year and Assessment Year?

It's crucial to know the difference between the financial year and assessment year to assess the year end financial checklist for your business and what the future financial year end 2023 holds for you.

The financial year and assessment year are different concepts related to taxation.

Understanding the difference between the financial year and assessment year is important to ensure taxes are paid on time and financial records are updated. It is also important for businesses to complete financial statements in accordance with the end of financial year guidelines.

Financial Year End Checklist for Business Owners

As a business owner, it's important to assess financial information at the end of every financial year. A year end financial checklist can ensure you have reviewed all necessary financial documents and obligations for your business. To redeem you of your stress, we have some pointers to keep in mind while making your year end financial checklist:

Review Financial Statements:

Reviewing financial statements such as financial statements, balance sheets, income statements and cash flow statements to ensure accuracy is one thing you shouldn't skip from your financial year end sale.

Review Tax Obligations

Don't forget to assess your business's tax obligations, including GST, PAYG withholding and Payroll Tax, in preparation for lodging of end of financial year returns. This way, you can make the most of the accounting year and financial year.

Review Accounts Receivable and Payable

Reviewing financial documents such as invoices, e-invoices, and payments is important. Accounts receivable represents the amount owed to a company by its customers for delivered goods or services that have’nt been paid for. Accounts payable is the amount your company owes to its suppliers or vendors for received goods or services but not yet paid for. Reviewing both is crucial for financial stability and success.

Review Inventory

Check inventory levels and financial records to assess stock movements and identify discrepancies. If you are running low on stock and surplus, you could decide on the next plan of action, inventory planning and order management and find the flaws with the current process, if any.

Review Fixed Assets

Review financial documents, depreciation schedules and calculate the net book value of fixed assets.

Review Employee Benefits and Compensation

Assess financial documents for employee benefits, bonuses and compensation.

Review Business Insurance

Review financial documents to ensure appropriate insurance coverage is in place for the new financial year.

Review Bank Accounts and Credit Lines

Check financial records to identify any discrepancies between bank accounts and credit lines.

Once you have your checklist, you can take full advantage of the financial end of year sale 2023 on Amazon. This Amazon India sale is a god sent for business owners, entrepreneurs, organizations and companies to cash in the best deals on Amazon and get exposed to much-awaited Amazon deals for business consumers.

Let's find out what end of financial sale has to offer this year.

Purchase Of Fixed Assets for Business at the Financial Year End Sale

Are you a savvy business owner looking to upgrade your company's assets? This accounting year is the perfect time to take advantage of our Financial Year End Sale and invest in high-quality fixed assets at unbeatable prices. Whether you need new machinery, vehicles, or equipment, we've got you covered with a wide range of products.

1. Up to 50% off on Electronics          

You don't want to miss our Electronics Sale on Amazon India Sale accounting year and where you can save up to 50% on a variety of top-quality electronic devices. From smartphones to laptops, cameras to gaming consoles, we've everything you need to stay connected and entertained.

Get amazing Amazon deals on Cameras & Photography, Car & Vehicle Electronics, Computers & Accessories, GPS & Accessories, Home Audio, Home Theater, TV & Video, Mobiles & Accessories, Portable Media Players, Radio Communication, Tablets, Telephones & Accessories, Warranties, eBook Readers & Accessories, Wearable Technology, General Purpose Batteries & Battery Chargers, Headphones, Earbuds & Accessories, Power Accessories and more! Mark your end of financial year checklist with Amazon Business!

2. Up to 65% off on Office Products

Is your workspace needing a revamp? Look no further than our Office Products Sale on Amazon India Business Sale this accounting year end, where you can save up to 65% on a huge range of office essentials. Whether you're looking for stationery, furniture, or storage solutions, we've got you covered with products from top brands that will make your workday more efficient and enjoyable.

Get amazing Amazon deals on Calendars, Planners & Personal Organisers, Office Paper Products, Office Supplies and more! Mark your end of financial year checklist with Amazon Business!

3. Up to 70% off on Pantry

Stocking up your pantry has never been easier or more affordable than with our Pantry Sale. With discounts of up to 70% on a range of food and beverage products, you can keep your kitchen fully stocked without breaking the bank.

Get the best deals on Amazon Business! From snacks and drinks to cooking essentials and spices, we've got everything you need to satisfy your cravings. Get amazing Amazon deals on Cooking Essentials, Packaged Foods, Snacks, Beverages, Household Supplies, Hair Care, Bath and Body, Skin Care, Personal Care, Baby Products, Theme Boxes, Pet Supplies and more!

4. Up to 45% off on Laptops

Discover our Laptop Sale on Amazon Business, where you can save up to 45% on a variety of high-performance devices this accounting year end. Whether you're a student, professional, or casual user, we've got laptops to suit every need and budget. From ultra-portable models to powerful gaming machines, we've got it all.           

5. Up to 50% off on Furniture

Transform your home or office with our Furniture Sale on Amazon Business, where you can save up to 50% on a range of stylish and functional furniture pieces. Get the best deals on Amazon Business! Whether you're looking for a new desk, chair, or storage solution, we've got you covered with are practical and aesthetically pleasing products. Discover big deals on Amazon deal of the day! With such great deals, you'll be able to decorate your space without breaking the bank.

Get amazing Amazon deals on Bathroom , Bedroom , Dining Room , Furniture Warranties, Garden & Outdoor, Home Bar , Home Entertainment , Kids' , Kitchen , Living Room, Seating , Storage , Study  and Home Office Furnitures and more! Make the end of financial year a grand success with more savings!

6. Up to 55% off on Industrial Supplies

If you're in the manufacturing or construction industry or scientific business, you know how important it is to have reliable and high-quality industrial supplies. Lucky for you, our Industrial Supplies Sale offers discounts of up to 55% on a range of products, from power tools to safety gear to raw materials. With these great deals these last financial year dates, you can keep your business running smoothly while staying within your budget.

Get top Amazon deals on Abrasive & Finishing Products, Additive Manufacturing Products, Agricultural Equipment & Supplies, Commercial Door Products, Cutting Tools, Fasteners, Filtration, Food Service Equipment & Supplies, Hydraulics, Pneumatics & Plumbing, Industrial Electrical, Industrial Hardware, Janitorial & Sanitation Supplies, Lab & Scientific Products, Material Handling Products, Occupational Health & Safety Products, Packaging & Shipping Supplies, Power & Hand Tools, Power Transmission Products, Professional Dental Supplies, Professional Medical Supplies, Retail Store Fixtures & Equipment,,Robotics, Tapes, Adhesives & Sealers, Test, Measure & Inspect and more! Make the end of financial year a grand success with more savings!

Benefits of Financial Year End Sale For Businesses         

1. Bulk Discounts

As a business owner, you know how important it is to keep costs low and profits high. That's why our Financial Year End Sale offers bulk discounts on a wide range of products, from electronics to office supplies to industrial equipment on this financial year dates. Buy in bulk and save big on your business expenses, all while getting the high-quality products to keep your operations running smoothly.

2. GST Invoice

It’s crucial to keep track of your expenses and file your taxes accurately. That's why we provide GST invoices for all purchases made during our Financial Year End Sale. Our invoices are clear, detailed, and compliant with all GST regulations, making it easier for you to manage finances and stay on top of your tax obligations. Make this financial year ending date a celebration!

3. Business Exclusive Prices

We understand that, as a business owner, you need access to products that meet your specific needs and requirements. That's why our Financial Year End Sale offers exclusive business prices, with discounts you won't find anywhere else. Get the products you need at prices that work for your budget, all while taking advantage of the quality and reliability that you expect from our brand. Make this financial year ending date a celebration! Register with Amazon Business today to witness this!

4. Extra Cashback

Who doesn't love getting cash back on their purchases? During the sale, we're offering extra cashback to businesses that make qualifying purchases. That means you can save even more money while getting the products you need to run your business. It's a win-win situation that you won't want to miss. Make this financial year end 2023 a celebration!

5. Wide Selection

Our Financial Year End Sale offers a wide selection of products, including electronics, office supplies, pantry items, furniture, and industrial equipment. With such a diverse range of products, you're sure to find what you need to keep your business running smoothly and efficiently. Make this financial year end 2023 a celebration!

How can Amazon Business Help?         

Amazon Business offers a wide variety of high-quality products from popular and reputable brands, all available with a GST invoice. Plus, with GST input tax credit, you can save up to 28% on your purchases. Don't miss out on our exciting offers and discounts on bulk orders, as well as our recurring sale events. Discover big deals on Amazon deal of the day! And if you're not completely satisfied with your purchase, we offer an easy return policy. Register with Amazon Business today and enjoy big discounts on purchase of Furniture, Office Supplies, Gym Equipment, Cosmetics, Pantry Products, Industrial or MRO Supplies, Electronic Items, Packaging Supplies, Laptop Accessories,  Security Items, Laptops, Printers, Projectors, Earphones, Bluetooth Speakers, Vacuum Cleaners, Water Purifiers and even medical supplies! This fiscal year end, shop on Amazon Business and make the most of this tax financial year!

Conclusion         

The Amazon Year End Sale is an incredible opportunity for you to save big on a wide range of high-quality products. With exclusive discounts, GST invoices, extra cashback, and a wide selection, you can stock up on everything you need to keep your business running smoothly and efficiently. Whether you're looking to upgrade your electronics, revamp your workspace or stock up on pantry essentials, our sale has got you covered. This fiscal year end, shop on Amazon Business and make the most of this tax financial year! So don't miss out a chance to save big and get the products you need to succeed. Visit our Amazon Business today and make this financial year end 2023 a celebration!