EOFY Preparation for Small Businesses
End of Financial Year (EOFY) can be a stressful period for small business owners, but with the right preparation, you can make it a smooth and stress-free process.
Here are some tips to help you and your business get ready for EOFY!
1. Organize Financial Documents
Gather and organize all financial documents, including income statements, expense receipts, and bank statements. Digital tools can help streamline this process.
2. Finalize Payroll and Superannuation
Ensure all payroll and superannuation obligations are met. Finalising Single Touch Payroll (STP) for employees and making timely superannuation payments can prevent penalties.
3. Seek Professional Help
Engage a qualified bookkeeper or accountant to assist with EOFY preparations. They can provide valuable insights and help ensure compliance with tax regulations.
4. Conduct a Stocktake
Perform a stocktake if your business holds inventory. Accurate inventory records are essential for financial reporting and tax purposes.
5. Utilize Digital Tools
Leverage digital tools and accounting software to automate tasks such as invoicing, receipt capture, and bank reconciliation. This can save time and reduce the risk of errors.
6. Plan for the Future
Set new financial goals and create a budget for the upcoming year. A clear plan can help you achieve your business objectives and improve financial performance.
7. Review Financial Performance
Analyze your financial performance over the past year. Identify areas for improvement and set goals for the new financial year.
Want help? Need advice? Dont hesitate to contact me directly! hello@balanci.com.au / 1300 733 996