(Without Losing Your Mind)
End of Financial Year (EOFY) is here again—cue the collective sigh from Aussie business owners everywhere. But before you run for the hills (or the nearest bottle of wine), I’m here to help you tackle your end-of-financial-year (EOFY) bookkeeping like a pro.
Here’s a step-by-step guide to wrapping up your books, stress-free.
✅ 1. Reconcile All Accounts
Make sure your bank, credit card, and loan account statements match up with your bookkeeping software. If there are any discrepancies, investigate and correct them now—your future self will thank you.
✅ 2. Check for Missing Invoices or Expenses
Go through the year and look for gaps. Did you forget to enter that dodgy-looking Bunnings receipt from August? Missing transactions can skew your profit, tax, and reporting. Time to play detective!
✅ 3. Review Your Payroll
Make sure your payroll records match your Single Touch Payroll reports. Double-check super payments have been made and are showing up properly. Don’t forget to finalise your payroll before the deadline (usually mid-July).
✅ 4. Clean Up Your Accounts
Have any old invoices still showing as unpaid? Time to follow up or write them off. Likewise, check if you’ve got any unclaimed credits or duplicate transactions that need sorting.
✅ 5. Stocktake (if relevant)
If you carry inventory, you’ll need to do a stocktake and update your records. It’s not fun, but it’s necessary—and it can help you spot trends or issues in your business too.
✅ 6. Review Assets and Equipment
Did you buy or sell any big-ticket items this year? Make sure these are recorded correctly so your accountant can claim depreciation where applicable.
✅ 7. Back Up Everything
Seriously—do this. Back up your digital files, cloud data, and any physical paperwork. Accidents happen. Tech fails. Better safe than sorry.
✅ 8. Talk to Your Accountant
Hand over your beautifully updated books to your accountant and let them work their magic. If you’ve done a clean job, they’ll love you for it (and probably charge you less).
Need a Hand?
If you’re not 100% confident doing all this on your own, that’s totally okay. My Aussie Bookkeeping Basics course walks you through everything you need to know—step-by-step and in plain English.
Whether you’re brand new or just want to do things properly, this course is perfect for small business owners who DIY their books but want to feel in control at EOFY.
You’ve got this. And if you need support, I’m just a click away
