{"id":280629,"date":"2024-07-10T13:22:26","date_gmt":"2024-07-10T01:22:26","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?post_type=sbh&#038;p=280629"},"modified":"2025-05-27T13:39:44","modified_gmt":"2025-05-27T01:39:44","slug":"checklist-for-small-businesses","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/au\/small-business-resources\/end-of-financial-year\/checklist-for-small-businesses\/","title":{"rendered":"EOFY checklist for small businesses"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.23&#8243; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;0px||||false|false&#8221; da_disable_devices=&#8221;off|off|off&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row column_structure=&#8221;1_3,2_3&#8243; _builder_version=&#8221;4.23&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_3&#8243; module_class=&#8221;table-contents&#8221; _builder_version=&#8221;4.23&#8243; background_color=&#8221;#f3f2f6&#8243; custom_padding=&#8221;25px||25px||true|false&#8221; sticky_position=&#8221;top&#8221; sticky_limit_bottom=&#8221;section&#8221; sticky_position_tablet=&#8221;top&#8221; sticky_position_phone=&#8221;none&#8221; sticky_position_last_edited=&#8221;on|desktop&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; border_radii=&#8221;on|24px|24px|24px|24px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.23&#8243; text_font=&#8221;||||||||&#8221; global_colors_info=&#8221;{}&#8221; background__hover_enabled=&#8221;on|desktop&#8221;][\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Copy paste body text here&#8221; _builder_version=&#8221;4.27.4&#8243; header_2_font_size=&#8221;32px&#8221; hover_enabled=&#8221;0&#8243; header_2_font_size_tablet=&#8221;30px&#8221; header_2_font_size_phone=&#8221;26px&#8221; header_2_font_size_last_edited=&#8221;on|tablet&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p>Is your small business ready for the end of financial year (EOFY)? To take the pain out of the process, make use of our\u00a0<a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/end-of-financial-year\/guide\/\"><strong>EOFY checklist<\/strong><\/a>\u00a0for small business owners to ensure you don\u2019t miss a beat.<\/p>\n<p>You don\u2019t need to wait until June to get started\u2014in fact, you shouldn\u2019t!<\/p>\n<p>To alleviate any EOFY stress and stay on top of it, begin preparing now. There are several steps you can take to get ready to lodge your tax on time and to prepare yourself for the end of financial year as well as the year ahead.<\/p>\n<p>We\u2019ve assembled this helpful EOFY checklist for small businesses to help you avoid that tight band of tension encircling your temples come the end of financial year.<\/p>\n<h2>1) Comply with Australian taxation office requirements<\/h2>\n<p>At the conclusion of the financial year, you\u2019ll need to complete EOFY tasks with the Australian taxation office (ATO) including.<\/p>\n<ul>\n<li>filing your income\u00a0<a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/end-of-financial-year\/business-tax-return\/\"><strong>tax return<\/strong><\/a><\/li>\n<li>completing business activity statements (<a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/bas\/\"><strong>BAS<\/strong><\/a>)<\/li>\n<li>reconciling your\u00a0<a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/financial\/weekly-fortnightly-monthly-tax-tables\/#what-is-payg-withholding\"><strong>PAYG<\/strong><\/a>\u00a0withholding payment summary report and payroll tax.<\/li>\n<\/ul>\n<h2>2) Look to your financial and accounting software<\/h2>\n<p>This is the foundation of your business\u2019s\u00a0<a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/business-finances\/financial-management-tools\/\"><strong>financial management<\/strong><\/a>. A powerful and robust cloud-based software service is inexpensive these days and provides functionality around business income statements, tax obligations, tax returns, single touch payroll, superannuation obligations, <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/bas\/identifying-your-accounting-basis\/\">business activity statements<\/a>, and business expenses. This information and reporting ability will be invaluable by the time the end of the financial year rolls around.<\/p>\n<p>Most online accountancy services will enable you to\u00a0collaborate with your tax professional, accountant, or bookkeeper, in real-time, along with an automated bank data feed \u2014 perfect for EOFY.<\/p>\n<h2>3) Reconcile your accounts<\/h2>\n<p>All your major accounts need to be reconciled, so get on it now. This EOFY checklist includes reconciling:<\/p>\n<ul>\n<li>your bank account and investment accounts<\/li>\n<li>customers who have large outstanding amounts they\u2019re yet to pay<\/li>\n<li>your own debts with suppliers and other creditors<\/li>\n<li>equipment you have leased<\/li>\n<li>office leases.<\/li>\n<\/ul>\n<h2>4) Reconcile your payroll<\/h2>\n<p>As well as reconciling debts with external businesses, it\u2019s also important to reconcile your internal payroll concerns. Be sure you\u2019re also abiding by your single touch payroll requirements.<\/p>\n<p>Follow our <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/end-of-financial-year\/eofy-payroll-checklist\/\">EOFY payroll checklist<\/a> to reconcile:<\/p>\n<ul>\n<li>PAYG withholding payment summary report<\/li>\n<li>payroll tax<\/li>\n<li>outstanding leave<\/li>\n<li>superannuation<\/li>\n<li>long-service entitlements.<\/li>\n<\/ul>\n<h2>5) Review your working capital<\/h2>\n<p>Have you accounted for all your stock balances? The end of financial year is a great time to clear out obsolete stock with a sale. In addition, it may be time to evaluate ordering procedures to minimise excess stock concerns.<\/p>\n<p>For small businesses that specialise in professional services, work-in-progress is capital that must be accounted for. Are any resources being held-up with individual projects? Are your clients paying their bills on time for ongoing work?<\/p>\n<h2>6) Create a valuation of your assets<\/h2>\n<p>Determine the true market value of your holdings for future investment opportunity. Accurate market valuations can be used for access to bank loans to further\u00a0<a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/business-growth\/development-plan\/\"><strong>develop your business<\/strong><\/a>, or to sell-off valuable assets that you\u2019re not utilising.<\/p>\n<h2>7) Review your IT systems<\/h2>\n<p>Are all your current software licenses up to date and\/or paid for? With many software packages now embracing cloud-based services, it\u2019s becoming far more difficult to use software with expired licenses.<\/p>\n<p>While on the topic of cloud computing,\u00a0with so many software services embracing the cloud, is your office\u2019s broadband connection robust enough to deal with the constant connection to the internet that your staff require to perform their duties? Regular review of your internet speeds is a great idea.<\/p>\n<p>It\u2019s also a good time to ensure that all your domain names are registered and that you\u2019re aware of any expirations taking place over the next financial year.<\/p>\n<p>A domain name is tied to the very brand of your company and for any business that conducts online transactions; the domain name is your link to the internet. Without it, customers will be unable to reach your website and an expired domain name will lead customers to believe that your business has ceased trading or is in dire financial trouble.<\/p>\n<h2>8) Set financial performance targets<\/h2>\n<p>Did you meet your targets this year? And where do you want them to be at the conclusion of the next financial year? Now is the time to put in place realistic targets throughout the financial year for you to stay on track.<\/p>\n<h2>9) Establish a cash flow forecast<\/h2>\n<p>Plan for your flow of cash. After all, if your\u00a0business runs out of cash and can\u2019t obtain new financing, it may become insolvent. You need to be aware of any potential cash flow shortfalls now so you can ensure that your staff and suppliers are paid up.<\/p>\n<p>If your company invoices clients, it\u2019s important to identify any\u00a0<a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/invoicing\/how-to-collect-debt-from-clients\/\"><strong>clients who aren\u2019t paying their debts<\/strong><\/a>\u00a0to you in the required timeframe. Be aware of invoice due dates, along with\u00a0any other significant dates\u00a0relating to your cash flow.<\/p>\n<h2>EOFY tips<\/h2>\n<p>1) Create a good working relationship with your bookkeeper early.<\/p>\n<p>2) Be sure you understand\u00a0<a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/single-touch-payroll\/\"><strong>single touch payroll<\/strong><\/a>\u00a0(STP) now.<\/p>\n<p>3) Make full use of your accounting software \u2013 and if you don\u2019t have it get it.<\/p>\n<p>4) Take care of your sleep and diet, and always exercise.<\/p>\n<p>5) Ready yourself and anticipate EOFY before it\u2019s upon you.<\/p>\n<p><em>If you\u2019ve followed this EOFY checklist thoroughly and consulted with your advisor, you can be sure your end of financial year process will be as painless as possible.<\/em><\/p>\n<p>Want to keep learning? Check out our article on\u00a0<a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/end-of-financial-year\/what-i-claim-on-tax-without-receipts\/\"><strong>What can I claim on tax without receipts<\/strong><\/a>.<\/p>\n<p>[\/et_pb_text][ba_social_share icon_bg=&#8221;#03002e&#8221; icon_padding=&#8221;10px|12px|10px|12px|true|true&#8221; layout=&#8221;classic&#8221; show_text=&#8221;off&#8221; btn_padding=&#8221;0px|0px|0px|0px|false|false&#8221; btn_bg_color=&#8221;RGBA(255,255,255,0)&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;50px||||false|false&#8221; custom_padding=&#8221;25px||||false|false&#8221; custom_css_before=&#8221;    content: %22SHARE THIS%22;||    font-size: 16px;||    font-weight: 700;||    line-height: 22px;||    letter-spacing: 0em;||    text-align: center;||    color: #ff5447;||    margin-bottom: 10px;||    display: inline-flex;||    position: absolute;||    margin-top: 10px;&#8221; border_width_top_main=&#8221;1px&#8221; border_color_top_main=&#8221;#e4e4e4&#8243; border_radii_icon=&#8221;on|5px|5px|5px|5px&#8221; global_colors_info=&#8221;{}&#8221; custom_css_before_last_edited=&#8221;off|desktop&#8221;][ba_social_share_child _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;facebook&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;linkedin&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;email&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][\/ba_social_share][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p><!--TOC-->Is your small business ready for the end of financial year (EOFY)? To take the pain out of the process, make use of our\u00a0EOFY checklist\u00a0for small business owners to ensure you don\u2019t miss a beat. You don\u2019t need to wait until June to get started\u2014in fact, you shouldn\u2019t! To alleviate any EOFY stress and stay [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":286908,"menu_order":0,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"sbh_category":[249],"class_list":["post-280629","sbh","type-sbh","status-publish","format-standard","has-post-thumbnail","hentry","sbh_category-end-of-financial-year"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EOFY checklist for small businesses<\/title>\n<meta name=\"description\" content=\"Use this EOFY checklist for small businesses, to ensure you meet all ATO requirements and optimize your financial management.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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