What should you do to prepare for EOFY?
We recommend just doing a few preparations:
Firstly, get your Profit & Loss report up to date and examine your figures before the end of June. If it appears you are making a large profit, then wisdom tells you if you have planned to make any large purchases in the next few months, then purchase them BEFORE June 30th.
Secondly, make sure all your staff records are up to date, to facilitate quick and easy production of Payment Summaries (aka Group Certificates) by your bookkeeper or payroll manager.
Thirdly, prioritise your end of year workload effectively to limit staff and bookkeeper's stress. Ensure all required documents are to easily at hand (bank statements, credit card statements, cheque books, deposit book), the printer is full of ink, plenty of paper available and work-space is clean and tidy. This last task is just a small one but has a huge impact on the motivation and efficiency of your finance staff.
And lastly, above all, smile and celebrate another Financial Year is complete.