Online webinar


8th July, 2024

EOFY Done Better: Expert Insights and Strategies for Success

With the end of the financial year (EOFY) period in full swing, accountants, bookkeepers, and BAS/Tax Agents across Australia are deep into one of the most demanding times of the year.

MYOB is here to ensure you have the tools, insights, and support to navigate this period with ease and efficiency.

Our webinar, EOFY Done Better, is designed to provide you with practical strategies, expert insights, and advanced demonstrations on how to streamline your workflows and enhance client collaboration.

EOFY Done Better webinar

Key Compliance Issues and Legislative Changes

Roundtable Discussion Highlights

The webinar kicks off with a roundtable discussion featuring industry leaders Susan Franks CA, Australian Leader for Tax and Financial Services CA ANZ , and Matthew Addison, Chair of COSBOA and Executive Director of ICB Australia.

Hosted by Leanne Berry, MYOB Community Relations Manager, the segment delves into the critical compliance issues businesses face this EOFY.

Fair Work Updates and Legislation Changes

Matthew Addison covers the significant legislative changes affecting businesses from July 1st. Key topics include:

  • Wage Compliance and Wage Theft: Understanding the impacts of the Fair Work Legislation Amendment (Closing Loopholes) Acts of 2023 and 2024.
  • Right to Disconnect: What does this mean for your business and how can you ensure compliance?
  • Casual Employment and Labour Hire Reform: Navigating the changes to casual employment and understanding the new labour hire regulations.

ATO Compliance Focus Areas for 2024

Susan Franks discusses the Australian Taxation Office’s (ATO) key focus areas, including:

  • Work-Related Expenses: Ensuring deductions are claimed correctly.
  • Rental Property Claims: Avoiding inflated claims by adhering to the correct guidelines.
  • Income Inclusion: The importance of waiting for pre-filled data to ensure all income sources are accurately reported.

Streamlining EOFY Workflows with MYOB

Practical Demonstrations

Our experts, Leanne, Jody Sitters and Anita Smith, guide you through practical demonstrations on leveraging MYOB’s products and tools to make EOFY processes more efficient.

Reconciliation Discrepancies and GST Reports

Anita shares her top tips for identifying and resolving reconciliation discrepancies. Payroll and Employer Obligations

Leanne showcases MYOB’s tools for updating payroll information, including:

  • Superannuation Increase: Adjusting to the new 11.5% contribution rate.
  • Tax Table Updates: Ensuring payroll systems are aligned with the latest tax tables.
  • Final Pay Calculations: Streamlining the process for final pay and termination payments.
  • New GST Report:  an effective auditing tool for prior period adjustments, ensuring your records are accurate and compliant.

EOFY Report Packs

Learn how to build and customise EOFY report packs that provide comprehensive compliance and record-keeping.

These templates are designed to enhance consistency and efficiency in your practice, saving you valuable time.

Enhancing Cyber Security

Cyber Vigilance with Tara Whitehead

In today’s digital age, cybersecurity is paramount. Tara Whitehead, MYOB’s Security Engagement Manager, goes through some simple yet effective strategies to enhance your clients’ data security:

  • Secure Document Transmission: Using MYOB Practice Portal for safe document sharing.
  • Multi-Factor Authentication: Adding an extra layer of security to your clients’ accounts.
  • Cloud Migration: Leveraging cloud services for better security and cost efficiency.

Solving the Cashflow Crisis

Building Financial Resilience

Leanne and Jody delve into practical steps to address the cashflow crisis many businesses face:

  • Automated Debt Management: Implementing online invoice payments and automated reminders to improve cash flow and reduce manual follow-ups.
  • Bank Feeds: Utilising bank feeds and rules for real-time data and accurate cash flow management.
  • Reporting and Analysis: Using MYOB’s reporting tools to provide actionable insights and foster better financial conversations with clients.

Key Resources and Tools

EOFY Partner Playbook

Jody walks you through the EOFY Partner Playbook, highlighting the best practices for using MYOB’s tools to save time and enhance efficiency.

This resource is packed with tips and tricks to help you and your clients navigate EOFY seamlessly.

Access to MYOB Academy

For those needing a refresher or additional training, MYOB Academy offers a range of short courses and partner certifications.

These resources are designed to ensure you and your team are well-equipped to handle EOFY tasks efficiently.

Additional Offers and Support

Exclusive EOFY Offers

Anita goes through MYOB’s EOFY offers, including significant discounts on new subscriptions and special deals for multiple purchases.

These offers are tailored to help you maximise your resources and support your clients effectively.

Community Meetups

To further support you during this busy period, MYOB is introducing weekly community meetups throughout July.

These sessions provide an opportunity to connect with experts, share ideas, and get real-time answers to your queries.

Held every Wednesday at 12.30 throughout July, you can register for these sessions here.

Digital Support Channels

MYOB’s digital support channels are the quickest way to access assistance. Log into your Practice Dashboard to utilise live chat, log support calls, or access the community forum.

EOFY Done Better webinar

Invaluable insights

The “EOFY Done Better” webinar is designed to arm you with the knowledge, tools, and support you need to excel during this crucial period.

From compliance updates and practical demonstrations to cyber security tips and cash flow management strategies, this event promises to provide invaluable insights and resources.

Don’t miss out on this comprehensive guide to navigating EOFY with MYOB. Equip yourself with the skills and knowledge to support your clients better and set them up for continued success in 2025.

Click here for more information and to watch the webinar.

Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.