Every year it's the same story. June 30 creeps up, and suddenly business owners are digging through drawers full of receipts at 11pm, trying to remember what that $340 charge from March actually was. Sound familiar? It doesn't have to go this way. A bit of early groundwork can turn EOFY from a mad scramble into something you barely notice happening.
Here's what's worth sorting out now, not in three weeks.
Get Your Reconciliations Up to Date
If your bank statements and your books haven't been talking to each other lately, that's the first thing to fix. Reconciling monthly (or even weekly, if transactions are heavy) means you're never staring down a mountain of mismatched entries in June. If you've genuinely fallen behind, don't panic just start now and work backward.
A lot of business owners in this position eventually realise that bookkeeping is eating hours they don't have. That's usually when outsourced accounting and bookkeeping services start looking less like an expense and more like time bought back.
Chase Down What You Owe (and What's Owed to You)
Unpaid invoices sitting on both sides of the ledger can quietly distort your whole financial picture. Pull up your accounts payable services and check for anything overdue to suppliers, upcoming payment deadlines, or numbers that just don't look right. Then flip it around follow up with customers who still owe you money. Getting both sides sorted before the year ends gives you a much more honest read on your cash position.
Payroll and Super — Don't Leave This to the Last Minute
Payroll errors are almost a rite of passage at EOFY, but they're avoidable. Double-check employee records are current, confirm super contributions have actually gone through (not just been calculated), and make sure bonuses or allowances are logged properly. The ATO doesn't take super compliance lightly, so this is one area where "I'll get to it later" tends to backfire.
Count Your Stock, Review Your Assets
Got inventory? Now's the time for a stocktake not just for accuracy's sake, but because it might reveal stock that's been sitting there for months and could use a clearance push before the year closes. While you're at it, look over your equipment and other business assets. Depreciation schedules might need a refresh, and there could be write-off opportunities you haven't claimed yet.
Round Up Every Receipt You Can Find
A shoebox of crumpled receipts in June is nobody's idea of fun. Go through what you've spent across the year and figure out what's deductible travel, home office costs, subscriptions, equipment, all of it. If you can start keeping digital records as you go rather than all at once, future-you will be very grateful.
Take a Step Back and Think About Structure
EOFY is also a decent excuse to ask bigger questions. Is your current business structure still doing you any favours? Would prepaying certain expenses or timing a purchase differently make sense for next year's tax position? These aren't questions to figure out in the last week of June they need a proper conversation, ideally with someone who does this for a living.
Bring In Help Before You're Underwater
Running a business and being your own accountant at the same time is a lot to ask of anyone. If you're in Victoria, looking into accounting services in Melbourne can put you in touch with people who know the local landscape and the quirks of Australian tax law inside out. No matter where you're based, typing "accountant firm near me" into Google is a perfectly reasonable place to start if you don't already have someone you trust.
It's also worth shopping around a little. Some bookkeeping firms specialise in particular industries, while others cover a broader range of accounting services Australia-wide so take the time to find one that actually fits how your business runs, not just the first name that pops up.
The Bottom Line
Businesses that sail through EOFY without the usual panic aren't lucky, they just started earlier. Reconcile as you go, keep on top of payables and receivables, and don't be afraid to bring in outside help when it makes sense. Whether that's a full outsourced setup or just a good accountant on speed dial, a little effort now saves a lot of grief later.
Start today. Future-you, staring down a tax deadline in June, will be relieved you did.