Hear that? It’s the end of financial year screaming down the road in your general direction. It’s coming for you and it’s coming quick.

What you shouldn’t be doing at this juncture is taking your sweet time and listlessly awaiting its imminent arrival.

Get ready now and brace yourself. Insulate yourself from last minute stress by shaking a tail feather now, then you can chill come 1 July!

So, what do you need to do?

Chat to your bookkeeper, tax agent, or accountant now!

Don’t sleep on this – they’ll be smashed this time of year.

Reach out now to book in some time with your tax agent or advisor. Your tax agent of course will be your go-to for tax returns and deductibles.

However, a good bookkeeper, advisor, or accountant can be invaluable at this time of year too. They can help you with:

  • budgeting and forecast modelling
  • cleaning up your books and accounts receivable
  • advice on new or revised business models
  • new workflows
  • better technology and software
  • taking advantage of new government incentives
  • developing better cashflow strategies
  • ensuring compliance for the year ahead.

Organise a proper year in review

It’s time to do a year in review. Look back over the last year and see what worked and what didn’t. Both are equally important.

This is vital information. By looking back, you can look forward. By doing a year in review you can see what worked and failed in terms of:

  • marketing
  • sales approaches
  • staffing
  • suppliers
  • stock levels
  • offerings
  • managerial efforts
  • tools and systems
  • workflows and strategies.

Now the mission is clear – ditch what failed and embrace what worked. Don’t be afraid to learn your lessons and shift gears.

Lay out fresh business plans

Dust off your business plan and give it a re-read. This should be a living document that changes over time – not a mouldy static relic.

Make sure it makes sense for the year ahead and considers your ever-changing circumstances.

You’ll need to:

  • update your sales and marketing plans
  • restate how you want to tackle cash flow
  • re-evaluate your market research and competitor analysis
  • make new predictions and goals.

Tally up your intended deductions

Before you get to tax returns, get your own records together on deductions. This means tallying up, or running software reports on all your business expenses, getting your work from home hours noted, and very importantly, having receipts and records of expenses you want to claim ready and accounted for.

Find out what’s new this coming financial year

Luckily for you we got on this early and wrote a quick guide about what’s new this coming financial year. Do a quick skim to discover what’s fresh in terms of:

  • minimum wage
  • super changes
  • instant asset write-off
  • income tax reductions.

Many of these changes will kick in from 1 July 2024, so it’s good to get ahead of them now.

Basic and essential EOFY reports, compliance, and tasks!

Here’s a basic run down of the essential ’nuts and bolts’ when it comes to the essential EOFY tasks you’ll need to get ready for come 1 July.

The best part? You can nail most of the following by simply running reports and using your accounting software to the fullest. Time to:

Download our complete EOFY checklist guide

While this is certainly what you need to do before EOFY, you’ll also want to review our full and thorough EOFY checklist. By taking time to do this, you can be assured you’ve ticked all your boxes and are ready to hit the ground running in the new financial year!