The end of financial year (EOFY) is fast approaching, and if you’re a small business owner, that probably means you’ve got a lot on your plate.
But EOFY doesn’t need to be overwhelming. With the right preparation, some simple organisation, and support from your bookkeeper, you can tick off your end-of-year tasks with more clarity and confidence.
Here’s a breakdown of what you can do now to make EOFY less stressful, more accurate, and more valuable for your business moving forward.
Get organised early
The sooner you start, the smoother EOFY will be. Set aside time now to:
- review your record-keeping systems
- double check that everything is up to date
- follow up on any outstanding invoices or payments
Make sure you’ve kept digital or physical records of all income and expenses, including receipts, invoices, bank statements, super contributions, payroll summaries, and asset purchases or disposals.
If you’re using cloud accounting software like MYOB, QuickBooks, Xero, or Reckon, your First Class Accounts bookkeeper can help ensure everything is reconciled and correctly categorised. We work closely with these partners, so we know the tools and features that will save you time.
Do a final check of your payroll
End of financial year means you need to finalise your Single Touch Payroll (STP) reporting. That includes:
- reconciling your payroll records
- checking for any discrepancies in gross wages, PAYG withholding and superannuation
- submitting your final STP declaration to the ATO
You’ll also need to ensure superannuation guarantee contributions for the June quarter are paid on time (by 28 July) to claim a deduction this financial year.
A First Class Accounts bookkeeper help make sure it’s completed accurately. If you’re not sure what’s required, ask early so nothing is missed.
Review your accounts and reports
Now is the time to take a step back and review your year. Look at:
- your profit and loss statement
- balance sheet
- cash flow
- aged receivables and payables
This not only helps identify any errors but also gives you valuable insights into your business performance.
Your First Class Accounts bookkeeper can prepare these reports for you and walk you through them, helping you understand what the numbers are saying and where there might be opportunities to improve.
Talk to your accountant or advisor
EOFY is also tax time, so it’s worth checking in with your accountant or advisor before 30 June. Your bookkeeper can help prepare everything they need, such as:
- finalised and reconciled accounts
- year-end reports
- summaries of key business activity
This gives your accountant a clean set of books to work from, which can help streamline your tax return and advisory discussions. It also means you’ll have more time to act on any tax planning recommendations.
Take advantage of software and partner resources
If you’re not sure what your EOFY obligations are, there’s help available. First Class Accounts has partnerships with leading accounting software providers, and many of them have EOFY hubs or checklists you can access.
Here are a few worth checking out:
Your First Class Accounts bookkeeper can help you use these resources effectively. We know which parts are most relevant for your business and can walk you through any questions you have.
Get support where you need it
You don’t have to do EOFY alone. Whether it’s understanding ATO deadlines, reconciling your accounts, lodging your BAS, or setting up systems for the new financial year, your First Class Accounts bookkeeper can support you every step of the way.
If you’re already working with a bookkeeper, now’s the time to check in. And if you’re not, EOFY is a great reason to start.
With expert support, you can reduce the stress, avoid costly mistakes, and start the next financial year in a strong position.
Wrap-up the right way
EOFY is a busy time, but it doesn’t have to be painful. With some forward planning, tidy records, and a bit of help from your bookkeeper, you can close out the year with confidence.
Need a hand getting everything sorted? Reach out to your First Class Accounts bookkeeper today. We’re here to help make EOFY easier.
