The end of the financial year (EOFY) is just around the corner – and if you’re a small business owner, now’s the time to take action (not panic 😅).
With a bit of preparation, EOFY doesn’t have to feel stressful or overwhelming. In fact, it’s a great opportunity to get clear on your numbers, tidy up your books, and set yourself up for a strong new financial year.
Here’s your EOFY survival guide – simple, practical steps to help you wrap up the year with confidence.
1. Reconcile Your Accounts
Start by making sure everything is up to date and reconciled in your bookkeeping software. That means:
Matching all bank transactions
Allocating payments and income correctly
Finalising payroll and super
Reviewing loan and credit card balances
Tip: If you’re using Xero, aim to have all bank accounts reconciled to the end of May by the first week of June. That way, you’re only chasing one month’s worth of data at the end.
2. Review Debtors and Creditors
Take a good look at:
Outstanding invoices – Who still owes you money? Can you follow up now to get paid before 30 June?
Unpaid bills – Have you entered all expenses? Are there any old supplier bills still showing that need to be written off?
Cleaning up your receivables and payables now will give you a more accurate snapshot of where you stand.
3. Check Payroll and Superannuation
Finalising payroll is a big one. Make sure:
Wages and super are fully processed and allocated
STP (Single Touch Payroll) is up to date
Super has been paid on time (to claim a deduction this financial year, June quarter super must be received by the fund before 30 June – not just processed)
Using Xero? Double-check that your super rate is set to “Statutory Rate” so it automatically updates when the SG rate increases to 12% from 1 July.
4. Conduct a Stocktake (If Applicable)
If you hold inventory, you’ll need to do a stocktake at 30 June. Record your stock on hand and make adjustments in your software.
Tip: This can also be a good time to identify slow-moving items, clear out old stock, or reprice where needed.
5. Review and Write Off Bad Debts
If you’ve got unpaid invoices that you know won’t be collected, speak with your accountant or BAS agent about writing them off before 30 June. This may allow you to claim a tax deduction.
6. Review Asset Purchases
If you’re considering buying equipment or making business-related purchases, now could be the time to do it – but have a chat with your accountant first. Timing can make a difference when it comes to deductions, depreciation, and tax planning.
7. Finalise BAS and Lodgements
Make sure you’re up to date with:
BAS lodgements
IAS (if applicable)
Superannuation obligations
Any ATO payment plans
Staying current avoids late fees, interest charges, and unnecessary stress.
8. Schedule a Year-End Review
It’s worth booking time with your BAS Agent or accountant to:
Review your financials
Plan for tax (and avoid surprises)
Discuss your goals for the new financial year
If you work with us, we’ll help make sure everything is in order and you’ve got clarity moving forward.
9. Celebrate!
Let’s be real – running a business is hard work. So once you’ve ticked off the essentials, take a moment to reflect on what you’ve achieved this year. EOFY is a great time to pause, reset, and plan for what’s next.
Need a Hand?
We know EOFY can feel like a lot – but you don’t have to tackle it alone. Whether you need help reconciling your books, chasing payments, reviewing expenses, or preparing reports for your accountant, we’re here to support you every step of the way.
📩 Ready to wrap up the year with confidence? Get in touch with the team at Blackwood Bookkeeping today.
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