Are Your Books EOFY Ready? A Quick Health Check

We often work with clients at this time of year who feel unsure about their numbers, only to find a few small issues that could have easily been addressed earlier. Once we go through a simple check together, everything becomes much clearer — and tax time feels a lot less stressful.

Here is a quick EOFY health check to work through before the financial year closes.

1. All Bank Accounts Reconciled

Make sure your accounting software matches your actual bank and credit card balances. This ensures nothing is missing, duplicated, or sitting unaccounted for in your records.

2. No Transactions in Suspense or Uncategorised

Every transaction should be assigned to the correct category so your reports are accurate and complete. Uncategorised transactions can skew your profit and loss figures and create unnecessary confusion for your accountant.

3. Payroll and Super Up to Date

Check that employee wages, PAYG withholding, and superannuation are all recorded correctly and paid on time. Errors here can attract ATO attention, so it is worth double-checking before year end.

4. Review Your Profit and Loss Report

Take a look at your income and expenses for the year so you have a clear picture of how your business performed. Understanding this before your accountant meeting means the conversation is more productive — and there are no surprises.

5. Check for Outstanding Invoices or Bills

Make sure everything is recorded so your financial position is accurate going into year end. Unrecorded invoices or unpaid bills can affect your tax position in ways that are easily avoided with a quick review.

Fix Small Issues Now

We recently worked with a client who thought everything was in order but had several uncategorised transactions and unreconciled accounts. Once we cleaned that up, their reports were accurate and their accountant was able to complete their tax return much faster.

Small issues like these are common — and they are far easier to fix before EOFY than after.

If you would like help reviewing or tidying up your books before the end of the financial year, we would love to support you. Reach out and we can work through it together so you head into tax time feeling organised and confident.