The End of Financial Year (EOFY) is a crucial time for businesses to review their financial health and ensure compliance.
Use this checklist to stay on track:
Financial Review
- Reconcile all accounts, including bank, credit card, and loan accounts.
- Review outstanding invoices and follow up on payments.
- Complete your stock take and ensure inventory matches stock count. For professional services firms, review your Aged WIP and ensure that all hours still in WIP will be chargeable in the future.
Tax Compliance
- Organize and verify all receipts and expense records.
- Lodge and pay any outstanding tax obligations (e.g., BAS, PAYG).
Payroll
- Finalise employee payroll.
- Ensure compliance with superannuation obligations.
Reporting
- Prepare and review your Profit and Loss statement.
- Complete a balance sheet review to assess financial health.
Planning for the New Financial Year
- Ensure insurances are all current, finalise your Workers Compensation and Annual Payroll Tax reconciliation if applicable.
- Assess your budget and financial goals for the coming year and commit to them.
- Review and update your business plan and strategy.
From reconciling accounts to preparing actionable financial reports, Mayday Consulting will simplify EOFY for you.
Our tailored support ensures you meet all obligations and start the new year with confidence.
If you are ready to take the next step, contact Mayday Consulting Services today to see how we can help streamline your operations, empower your team, and drive your business forward.