For many business owners, 30 June feels like the finish line. In reality, it’s the start of an important period that can significantly impact the accuracy of your financial records, the efficiency of tax preparation, and the success of your new financial year.
The weeks following EOFY provide the perfect opportunity to review your finances, tidy up outstanding items, and ensure your business is in a strong position moving forward. Taking care of these tasks now can save valuable time, reduce stress, and help avoid costly mistakes later.
Here are eight essential tasks every small business owner should prioritise after 30 June.
1. Reconcile your business accounts
Before financial reports can be relied upon, all balance sheet accounts should be reconciled.
Review and reconcile:
- Bank accounts
- Credit cards
- Loan accounts
- Payment platforms (such as PayPal, Stripe, or Square)
- Any clearing or holding accounts
Addressing discrepancies early helps ensure you’re working with accurate financial information and gives your accountant a cleaner set of records at year-end.
2. Review Outstanding Debtors and Creditors
EOFY is an ideal time to clean up aged balances and identify issues affecting cash flow.
Check for:
- Overdue customer invoices
- Duplicate transactions
- Unallocated payments
- Old supplier balances
- Potential bad debts
Understanding who owes you money and what your business owes others provides a clearer picture of your financial position heading into the new financial year.
3. Review Payroll Records
Payroll remains one of the most important year-end responsibilities for bookkeepers. If you employ staff, EOFY is the perfect time to review your payroll records to ensure they are accurate and up to date.
Conduct a payroll review to ensure:
- Employee records are accurate
- Leave balances are correct
- Terminated employees have been processed correctly
- Payroll reports match accounting records
Identifying and correcting discrepancies now can prevent larger payroll and compliance issues later.
4. Check Your Superannuation Obligations
Superannuation is a critical responsibility for employers and should be reviewed carefully after year-end.
Confirm that:
- Super liabilities match payroll reports
- Contributions have been processed correctly
- Outstanding amounts are identified and addressed
A quick review can help avoid compliance concerns and provide confidence that employee entitlements have been properly managed.
5. Review Major Asset Purchases
Many businesses purchase equipment, vehicles, technology, furniture, or other assets throughout the year.
Take time to ensure:
- Asset purchases have been correctly coded
- Supporting documentation is available
- Disposals have been removed from records
- Asset reports are ready for the accountant’s review
Well-maintained asset records can make tax preparation and financial reporting much smoother.
6. Resolve Uncategorized Transactions
Most businesses end up with a handful of transactions that haven’t been categorised correctly during the year.
Review:
- Suspense accounts
- Uncategorised expenses
- Undeposited funds
- Clearing accounts
The cleaner your records are, the easier it will be to prepare accurate financial statements and tax returns.
7. Prepare Information Your Accountant Will Need
A proactive approach can significantly reduce delays and back-and-forth communication during tax season.
Gather key documents such as:
- Loan statements
- Finance agreements
- Asset purchase invoices
- Insurance documents
- Director loan information
- Investment or financing records
Having everything ready upfront will help your accountant complete year-end work more efficiently.
8. Set Your Business Up for a Strong New Financial Year
EOFY isn’t just about reviewing the past—it’s also an opportunity to improve how your business operates moving forward.
Consider:
- Automating data entry tasks
- Reviewing software integrations
- Updating internal financial procedures
- Introducing regular financial reporting
- Improving document management and record-keeping
Small improvements now can lead to significant time savings and better financial visibility throughout the year.
Final Thoughts
While 30 June marks the end of the financial year, the work that follows can have just as much impact on your business’s financial health.
By taking the time to review your records, address outstanding issues, and improve your processes, you’ll enter the new financial year with greater confidence, more accurate financial information, and a stronger foundation for growth.
Think of the post-EOFY period as more than a compliance exercise, it’s an opportunity to gain valuable insights into your business and set yourself up for success in the year ahead.
