Simple Tips For Small Business During End Of Financial Year (EOFY)
Stressed about the end of the financial year? Don’t know what it means for your business? Feel totally lost in the mixed messaging accountants put out on Instagram at this time of year?
You’re not alone!
I’m grateful to have great book keepers and a fab accountant to keep my head above water whenever June rolls around, but there are so many other factors that play into EOFY (on top of just the tax returns).
So, here’s your quick and super simple guide for making EOFY as stress free as possible for your small business.
Let’s dive in!
1 Make a list!
And check it twice! Whether you’re using an accountant or DIYing the end of financial year, make a list of everything you need to do. The list might seem daunting at first, but it’s better to know what you have to do (even if it’s a smidge overwhelming!) than be in the dark about your taxes.
Want to know what I have on my EOFY to-do list so far? Check it out (and feel free to pinch tasks that need to be on your list, too!).
Once you’ve got your list sorted, you can get to work! Check off the tasks as you go, and you’ll be done before you know it!
2 Ask for help!
EOFY isn’t always the easiest time for small biz owners, with so many tasks added to our already never ending to do lists.
That’s why it’s important to ask for help if you need it.
And the beauty of outsourcing is that there is never only one way to do things.
Yes, I can wholeheartedly recommend getting an accountant to help manage all the EOFY things for you.
But if you want (or need) to do it yourself, you can get a hand with all the other things that keep your business afloat.
Social media. Admin work. Customer service. Graphic design.
Any of the time consuming tasks that will fall to the bottom of the list (so you can prioritise EOFY tasks), you can find someone to take them over until you have the time (and mental capacity!) to take them back over.
And the benefit of outsourcing before the end of financial year? It’s a tax deduction, woohoo!
3 Plan ahead for next year!
You might think you’re in the clear when you (or your accountants) have submitted your tax return.
“The final piece in the EOFY puzzle! Hooray!”
But the jig isn’t up yet!
While you’re already in EOFY mode, it’s a great time to set yourself up for success for next year.
Considered collating everything in a software like Xero? Sign up today and have all your records in the one place from the get go.
Not vibing with your accountant and want a change of pace? Start looking now, so you don’t have to settle for Just Any Old Accountant when you run out of time next June.
Thinking of making a big change in business? Research how it’ll change your EOFY process today.
I know, these are the last things you want to do after the financial year is over. But believe me, these are all things that will put you miles ahead and make next year’s EOFY a breeze!
How are you feeling as we slide into the end of the financial year? Pop over to my Instagram or Tik Tok to share your thoughts, and if you’re looking to drop some cash on outsourcing before the FY is up, get in touch to see how I can help your biz succeed here.