Are You EOFY Ready? Check out this checklist!

Can you believe it?? It is almost half way through the year! (And WHAT a year it has been…. but we can discuss that another time). Seriously, it’s June...where does time GO?? Hey, at least the days are getting longer now, yay!

As well as marking the official “half-way-through-the-year” date, 30 June also means it’s the End of the Financial Year, otherwise known as EOFY! (Pronounced ‘Eeee-O-fee’ by our team here at Long Story Short)

jes and cynthia coffee

As small business owners ourselves, we know that this time of year can be rather frantic and, dare we say, kinda stressy. As important as account keeping is to business success (which we are all pretty good at, of course!) there is still a LOT to think about.

So, to help ourselves out and relieve some of the last-minute scrambling for documents and statements, we have created an EOFY (Eeee-O-fee) Checklist - which we would LOVE to share with you!

Please note that this list is not exhaustive! And it does not replace the services of your own financial accountants or advisors, (and each business varies with its requirements depending on its size, structure, products and service). Yet we find that it is helpful to ensure you have the right documents for your accountants, hence making the transition into the new financial year with a little more ease.

EOFY Checklist

✔️ Make sure all Profit And Loss (PNL) statements are complete and up to date

✔️ Ensure all cashbooks are reconciled as at 30 June

✔️ Gather your most the recent tax returns

✔️ Compile all employee superannuation payments

✔️ Get all current Business Activity Statements (BAS) together

✔️ Know what tax deductions you are entitled to

✔️ Have a list of all business assets that shows details such as date of purchases, prices, descriptions, reasons for purchase etc

✔️ Ensure you have all loan statements - paid or unpaid - with balances as at 30 June

✔️ Compile records of payments to contractors, freelancers, laborours and similar agreements

✔️ Have all necessary bank statements with details such as:

    • Expenses (and the reason for them)
    • Interest earned and paid
    • Closing balance
✔️ Get hold of your travel records or travel diary (if travel is a part of your business activity)
✔️ Gather your motor vehicle expenditures (if applicable)
✔️ Check that your Business Insurance policy is still valid for the upcoming financial year
✔️ Ensure all statements are true as at 30 June 2020
✔️ Back up your data!


jes and cynthia working together

It’s also important that your future business plans are safeguarded where possible. We find that the EOFY is a good opportunity to:

  • Review your existing business systems (think project management, CRM etc) and identify if they can be improved or upgraded
  • Revisit your own strategic business plans (sometimes they may be out of date)
  • Do a financial audit of your business

Again, these lists do not replace the expertise of your financial advisors, financial teams or accountants. Yet we do feel that bit better knowing that we have compiled as many of the documents required. And when it comes to finances, it’s all about feeling good where possible.

Bring on the New Financial Year!!!