6 essential tips to prepare for EOFY

18th March, 2016

EOFY preparation

Don’t be caught unprepared this end of financial year! 

Taking a commonsense approach is the key to getting through it stress-free.

Here are six essential tips to prepare for EOFY.

1 Communicate clearly

Always keep your accounts and records up to date throughout the year – this is the single most important thing you can do to make EOFY a lot easier.

It’s essential to keep in contact with your accountant regularly, and be sure to advise on any major transactions throughout the year as they happen.

2 Get your records up to date

All transactions for the current financial year need to be recorded prior to 31 March — this includes all sales, purchases, payments and receipts.

Logging your transactions can be a very time-consuming process if left alone until March each year, so maintaining and updating your records regularly during the year will alleviate the pressure.

3 Eliminate and review

Talk to your accountant about deductions, write-offs and rebates available to your business, before March 31.

Eliminate worthless stock, plant and equipment by reviewing your asset register, which keeps track of your company equipment.

4 Be transparent

Provide all necessary financial information to your accountant, and finalise end of year adjustments. Respond to requests for additional information in a timely manner, provide clear and detailed supporting information, ensuring all documents are labelled and organised.

5 Back up

Create a separate copy of your accounts and back it up. Whether you’re working on your accounts in the cloud or on your desktop, you should consider making a backup outside your accounting system that creates a data file for the year.

6 Look ahead

The end of financial year is also a good time to reassess your business plan, to ensure you’re on the right path for the next financial year. It’s also a good idea to review your accounting software – if you are not already using cloud accounting, think about how it could benefit your business.


Need more help? Watch the essential videos.

For more on EOFY, visit the website.