With a new financial year underway, now is the perfect time to finalise your EOFY bookkeeping, review your business performance and make sure everything is in order for tax time.
While 30 June marked the end of the financial year, there are still important tasks to complete. Taking the time to finalise your records now will help ensure your accounts are accurate, make tax time much smoother and give you valuable insights as you plan for the year ahead.
Why EOFY Matters
EOFY isn’t just about compliance! It’s an opportunity to reflect on the past 12 months, understand how your business has performed and set yourself up for success in the new financial year.
By completing your EOFY wrap-up, you can:
- Ensure your financial records are accurate and complete
- Be well prepared for tax time
- Gain a clearer understanding of your business performance
- Start the new financial year with confidence
EOFY Checklist for Business Owners
1. Finalise Your Accounts
Now is the time to ensure your bank accounts, loans, credit cards and other balance sheet accounts are fully reconciled.
Accurate reconciliations help ensure your financial reports reflect the true position of your business and make tax preparation much easier.
2. Review Outstanding Invoices
Take a look at any unpaid customer invoices and outstanding supplier bills.
Following up overdue invoices can improve cash flow as you begin the new financial year. It’s also a good opportunity to identify any debts that may require further action.
3. Check Payroll and Super Records
Review your payroll records to ensure employee wages, leave balances and payroll reporting are accurate and up to date.
Taking the time to identify and correct any discrepancies now can help avoid unnecessary issues when preparing your year-end reports or working with your accountant.
4. Review Business Expenses
Before closing off the financial year, make sure all business expenses have been captured and correctly recorded.
Check for:
- Missing receipts or invoices
- Unrecorded business purchases
- Subscription and software expenses
- Vehicle and travel costs
- Professional development and training expenses
Good record-keeping makes tax time simpler and helps ensure eligible business expenses aren’t overlooked.
5. Review Your Business Performance
EOFY is the ideal time to look beyond the numbers and reflect on how your business performed over the past 12 months.
Ask yourself:
- How did revenue compare with last year?
- Which products or services were the most profitable?
- Have operating expenses increased?
- What do your cash flow trends tell you?
- What worked well, and where are the opportunities to improve?
Understanding your numbers gives you the confidence to make informed decisions throughout the year ahead.
Start the New Financial Year Strong
With one financial year behind you, now is the ideal time to focus on what’s next.
Consider taking the opportunity to:
- Review or create your budget
- Set financial and business goals
- Assess your pricing and profitability
- Plan for future growth
- Make sure your bookkeeping systems are working efficiently
Businesses that regularly review their financial position are better equipped to manage challenges, identify opportunities and make confident decisions throughout the year.
If your EOFY bookkeeping is still on your to-do list, now is the perfect time to get it sorted. Getting your records accurate and up to date now will make tax time easier and ensure you have a solid foundation for the year ahead.
How We Can Help
The end of the financial year is one of the best opportunities to take stock of where your business stands and prepare for what’s next, but it can also feel overwhelming when you’re trying to stay on top of day-to-day operations.
That’s where we come in. Our team can help ensure your bookkeeping is up to date, your records are accurate, and you’re prepared for conversations with your accountant. Whether you need assistance reconciling accounts, reviewing financial reports, or getting your books EOFY-ready, we’re here to support you every step of the way.
By taking a proactive approach now, you’ll head into the new financial year with greater confidence, clearer financial insights, and a solid foundation for growth.