EOFY Checklist: Don’t Let June 30 Sneak Up On You

As June 30 approaches, many business owners find themselves scrambling to gather paperwork, chase invoices, and work out where their business actually stands financially.

The End of Financial Year (EOFY) doesn’t need to be stressful. In fact, it’s one of the best opportunities to step back, review your business performance, and set yourself up for a stronger year ahead.

Whether you’re a tradie, professional service business, retailer or consultant, here are the key areas every business owner should review before the end of the financial year.

1. Review Your Profit and Loss Statement

Before talking to your accountant, take some time to understand your numbers.

Ask yourself:

• Did we achieve our revenue goals?
• Which services or products were most profitable?
• Where did expenses increase?
• What surprised us this year?

Many business owners focus on turnover, but profit is what ultimately matters.

2. Chase Outstanding Debtors

Cash flow is king.

Run a debtor report and identify any outstanding invoices that need follow-up before June 30.

A few phone calls or reminder emails now could significantly improve your cash position and reduce bad debts.

3. Review Business Expenses

Look through your subscriptions, memberships, software licences and recurring expenses.

Ask:

• Do we still use this?
• Is it delivering value?
• Can we negotiate a better rate?

It’s amazing how much money can be saved simply by removing unused subscriptions.

4. Check Your Tax Position

Meet with your accountant before year-end rather than after.

Discuss:

• Potential tax liabilities
• Superannuation obligations
• Asset purchases
• Vehicle expenses
• Trust distributions (if applicable)
• Any planned business investments

Good tax planning should happen before June 30, not after.

5. Reconcile Your Accounts

Ensure:

• Bank accounts are reconciled
• Credit cards are reconciled
• Loan balances are accurate
• Payroll records match accounting records

Small errors can create big headaches later.

6. Review Stock and Inventory

If your business carries stock, complete a stocktake before year-end.

Identify:

• Slow-moving items
• Obsolete stock
• Damaged inventory
• Best-selling products

Knowing what is sitting on your shelves can significantly improve profitability.

7. Finalise Payroll and Superannuation

Ensure:

• Employee records are accurate
• Leave balances are correct
• Superannuation payments are up to date
• Contractor payments have been recorded correctly

EOFY is a great time to tidy up any payroll issues before they become bigger problems.

8. Review Your Team

Your team is one of your biggest investments.

Consider:

• Who has performed exceptionally well?
• Who may need additional training?
• Are roles and responsibilities still appropriate?
• Do you have the right people in the right seats?

The end of the financial year is a perfect time to plan professional development and performance conversations.

9. Set Goals for the New Financial Year

Don’t wait until August.

Ask yourself:

• What revenue do we want to achieve?
• What profit do we want to make?
• What needs to improve?
• What opportunities should we pursue?
• What do we want more of—and less of?

The businesses that grow consistently are the ones that plan ahead.

10. Take Time to Celebrate

Business owners are often guilty of moving straight onto the next challenge.

Before diving into the new financial year, take a moment to acknowledge what you’ve achieved.

Celebrate:

• Wins
• Milestones
• New clients
• Team achievements
• Lessons learned

Success leaves clues, and reflecting on those successes helps build momentum for the year ahead.

EOFY Is More Than a Tax Exercise

The End of Financial Year is not just about compliance. It’s an opportunity to review your business, strengthen your financial position, and create a clear plan for growth.

A few hours spent reviewing your numbers, systems, team, and goals can make a significant difference to the year ahead.

If you’re not sure where to start, a business review session can help you identify opportunities, challenges, and priorities for the new financial year.

Because the best businesses don’t just survive EOFY—they use it as a launchpad for their next stage of growth.