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, and 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 the financial year end sale on Amazon proves beneficial.

An end of year checklist would be extremely helpful to analyze how the past fiscal year ended for your business. In this blog, we will guide to through the year end financial checklist, so you don't overlook important aspects. Moreover, with the upcoming Amazon Business sale, you could check off most of the items in this checklist.

What is Financial Year End?

Financial year end represents the end of a 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 helpful to have a clear idea of your company's financial health before making decisions about any changes or making bold business decisions.

To ensure no important details are overlooked at the end of the financial year, creating a checklist is a good idea to ensure all tasks are completed. This 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 the financial year (or fiscal year end) is a period used to measure the performance of businesses. This period usually starts 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 a financial year 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 ends March 31, 2021, then the Assessment Year would be 2021-2022.

Any income earned from April 1, 2023, to March 31, 2024, will be assessed for taxes due in the financial year ending on March 31, 2024. It's important to remember that all applicable taxes must be paid before the end of the financial year.

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 end of year financial checklist for your business and what the future holds for you.

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

Understanding this difference 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 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 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 delivering goods or services that haven’t been paid for. Accounts payable is the amount your company owes to its suppliers or vendors for received goods or services but not yet been 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 year end sale 2024 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 the end of year sale on Amazon 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 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!

2. Up to 65% off on Office Products

Does your workspace need 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 fantastic deals on Calendars, Planners & Personal Organisers, Office Paper Products, Office Supplies and more!

3. Up to 70% off on Pantry

Stocking up your pantry has never been easier or more affordable than with our upcoming 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. From snacks and drinks to cooking essentials and spices, we've got everything you need to satisfy your cravings.

4. Up to 45% off on Laptops

You can save up to 45% on a variety of high-performance devices this financial 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 and save up to 50% on a range of stylish and functional furniture pieces. Whether you're looking for a new desk, chair, or storage solution, we've got you covered with our 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.

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, this end of year sale on Amazon offers discounts of up to 55% on a range of products, from power tools to safety gear to raw materials. With these great deals, you can keep your business running smoothly while staying within your budget.

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 End of Year 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. Create your free Amazon Business account today to find out.

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. This cashback can go up to Rs. 10,000. 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.

5. Wide Selection

Our End of Financial Year 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.

How to Prepare for Financial Year End Sale?

This upcoming sale on Amazon has a lot to offer. Therefore, it is wise to ready yourself for the sale so you don't miss out on the chance to save big. Here are a few tips on how to do it:

●      Make sure you have an active account. Sign in to ensure it’s up and running smoothly before the sale. If you don't have an account, create your free account today to get exposed to great deals.

●      Have your checklist ready before the sale, that way you could get quotes from the different vendors and identify your ideal match.

●      Prioritize what your purchases are and wiggle out more ways to buy in bulk to save extra on quantity discounts on Amazon Business.

●      If you are a budding entrepreneur looking for exposure, become an Amazon seller and list your products before the sale occurs.

●      Most importantly, have a budget in place for your purchases to analyze later how far or less have been spent around it.

●      Make use of the compliance tools and business analytics tools on Amazon Business to study and review your past orders to do better and save more this time.

●      Update your account. This means adding all the relevant members, setting your compliance, updating your bank details and shipping address before the sale.

●      Get a Prime membership to enjoy early access to deals and shipping benefits during the sale.

●      Keep checking the website or Amazon Business app daily for the latest offers and short-term deals to save more.

Why Choose Amazon Business?        

Apart from this one of a kind end of year sale, Amazon Business has a lot in store for their buyers. Not only do we offer a wide variety of high-quality products from popular and reputable brands, but we also ensure they come with a GST invoice. With GST input tax credit, you can save up to 28% on your purchases. We also offer other attractive benefits for our business users making it hard to turn away from us, like the following:

●      We offer quantity discounts on bulk purchases as well as our recurring sale events.

●      We offer an easy return policy if you're not completely satisfied with your purchase.

●      Our doorstep delivery ensures your package reaches your preferred location in a guaranteed time.

●      Our business analytics and compliance tools come in handy while shopping to draw insights.

●      We have special stores for wholesale beauty, office supplies, corporate gifting, gym equipment, laptop accessories, distance education, etc., so you find every associated purchase under one category.

●      We cannot stress enough about our vast inventory ensuring products across categories or industries are available for your benefit.

●      Business exclusive sales and events for business buyers to save more.

●      Registered and verified vendors listing quality products with GST invoices

Whether you're looking to upgrade your electronics, revamp your workspace, or stock up on pantry essentials, we have your back. This year end, shop on Amazon Business and make the most of tax returns! So don't miss out on a chance to save big and get the products you need to succeed. Visit our Amazon Business today!