The end of the financial year (EOFY) is a busy time for all business owners. Often it can seem like an endless task of organising and wishing you’d prepared better throughout the year. But it doesn’t have to be. A plan of action can often go a long way to helping you through this busy period.
EOFY is also a great opportunity to take stock and consider how you could improve your business in the new year. For example, are there tools or operations management software which could help you streamline your processes and make future EOFYs a little less stressful?
For now though, we’ve created a checklist to help you tackle your EOFY and start the new financial year off on the right foot.
1. Meet with your accountant and make a plan
- As they say, failing to prepare is preparing to fail. Take the time to meet with your accountant and make a plan, allocate tasks and establish important milestone dates.
2. Organise your records
- Prepare your profit and loss statement - this will tell you how much actual profit your business is making. It will also provide you with information to make strategic changes in the new year.
- Have your income tax and GST on hand - provide information such as year-end income tax records, sales records and purchase/expense records.
- Gather banking records.
- Gather records of payments to contractors and employees.
- Follow up on any unpaid invoices that may have slipped through the cracks during the year.
- Follow up on overdue accounts and reconcile any outstanding transactions.
4. Count current stock
- Determine the timing of, and prepare for, a stocktake before the EOFY. Use this opportunity to adjust stock quantities where needed and generate an up-to-date inventory list.
5. Make a list of asset purchases
- Gather documents for purchased assets during the year, including expenditure on improvements or upkeep.
6. Prepare expense reports
- Ensure all business expenses are logged so you can maximise your tax refund.
7. Finalise payroll
- Determine Superannuation requirements and provide your employees with payment summaries.
8. Review and prepare
- Information collected during the EOFY makes it the perfect time to review the current financial health of your business and prepare for any changes you would like to make for the year ahead.
Wondering how you could make your EOFY even easier?
No matter how organised you are, if you are using manual or paper-based workflows, or outdated software, the EOFY can become a tedious time of year.
A cloud-based operations management software, such as simPRO, which integrates with your accounting system, can help you streamline your work processes from initial customer contact to final invoicing. It will also capture data and aid the tracking of outstanding payments.
3 ways cloud-based operations management software can help reduce your EOFY preparation time
Cloud-based software which integrates with your accounting package can help keep your financial data accurate while also streamlining your workflows. For example, with quick interconnectivity between simPRO and accounting software such as Xero, Quickbooks and MYOB, you can reduce the time you spend cross-referencing financial transactions and reconciling accounts. You’ll also gain greater control with greater visibility of your cash flow.
Find out more about simPRO’s accounting integrations.
Cloud-based operations management software allows you to say goodbye to duplicate data entry. With workflow triggers and automated actions, you’ll improve the accuracy of your data meaning less redundancies at EFOY!
Find out more about simPRO’s data input and processing functionalities.
Invoicing, quotes and payments
The mobility of cloud-based software allows you to quote, invoice and collect payment in the field, while on site. This will help limit the number of unpaid invoices you need to chase in the lead up to the EOFY.
Find out more about simPRO’s invoicing and payment functionalities.
Contact simPRO to find out how technology can do most of the heavy lifting for you next EOFY. Or, visit our Operations Management page to find out more about how simPRO can help streamline your workflows.