Ah, the end of the financial year (EOFY) - that magical time when small business owners across the land suddenly remember that yes, they were supposed to keep receipts, and no, that shoebox full of coffee-stained invoices is not a filing system.
If you're a small-to-medium enterprise (SME), now's your moment to shine - or, at least, to panic productively. Here's your semi-sarcastic, yet surprisingly useful guide to tackling EOFY like the entrepreneurial legend you are.
Channel Your Inner Detective (a.k.a. Find All the Receipts)
It's time to go receipt-hunting. Check your drawers, inbox, glovebox, and that one "miscellaneous" folder you swore you'd organise back in January. If it looks like a receipt and smells like regret, it probably counts.
Tip: Apps like Xero, QuickBooks, or MYOB are better than taping everything to your dog.
Stop Avoiding Your Accountant
Your accountant has been sending you friendly reminders, which you've been ignoring like emails from your gym. Now's the time to make the call.
Bring: Your financials, your best smile, and maybe a bribe in the form of coffee or snacks. BTW your bookkeeper is probably running on fumes at this time of year so this also applies to them.
Actually Look at Your Books
Yes, the spreadsheets, the apps, the Accounting programs whatever your USE…. Yes, that is the point whatever you choose to use, GET using!!! Pull up your profit and loss statement and figure out if your business made money, broke even, or is being lovingly supported by your personal bank account.
Pro move: Spot any weird transactions before your accountant does and looks at you like that again.
Write Off All the Things (Legally)
EOFY is the time to write off eligible business expenses. That standing desk? Yes. That Netflix subscription you claim is for research? Hmm, maybe not.
Bonus points: Prepay some expenses for next year (like rent or subscriptions) to reduce your taxable income - check with your accountant first so you don't get carried away and buy six years' worth of printer ink.
Stocktake or Shock-take?
If you carry inventory, now's the time for a stocktake. Yes, that means counting everything. No, you can't just "eyeball it" and call it a vibe-check.
Note: You may discover missing items. Assume they've gone to the same place as all the Tupperware lids. But listing them is important.
Supercharge Your Super Obligations
Make sure all your employees' superannuation is paid up by the due date - preferably not five minutes before midnight. Consider the 21st your "hard due date". Its not tax deductible after 30 June (or any late month actually).
Translation: Late super = no deduction = cranky business owner.
Backup Everything Like It's Y2K
Back up your financial records, cloud storage, emails, and emotional stability. You never know when you'll need to prove that, yes, that $48 charge from "Banana Bingo Pty Ltd" was a legitimate expense.Plan Next Year Like You Have Your Life Together
EOFY isn't just about the past—it's your chance to get ahead. Set goals, budget smarter, and finally invest in that software that doesn't crash every time you blink. And start using your tools see point 3 above.
Inspiration: Next year, your EOFY won't involve caffeine-induced spreadsheets at 2 a.m. (We can dream.)
In Conclusion:
EOFY doesn't have to stand for End of Freakin' You. With a bit of humour, a splash of planning, and maybe a friendly bookkeeper in your corner, you can wrap up the year with confidence - and a happy Tax Accountant..Go forth and conquer, SME warrior. And remember: if in doubt, ask your accountant.
