EOFY Without the Overwhelm

What business owners should check before 30 June

EOFY can feel stressful and rushed, especially when you’re managing cash flow, tax obligations and other daily demands. The sooner you sort the essentials, the smoother tax time becomes.

Working with the right accountant brings financial clarity and helps growing businesses identify the risks and opportunities that matter most.

Check your cash flow

Cash flow can tell you a lot about how you’re really performing. Before 30 June, review what’s coming in, what's owed to you and what still needs to be paid.

Late invoices, slow payers, supplier bills, GST, payroll and upcoming tax obligations can all affect the working capital available to run your business. Business Victoria reinforces the importance of managing supplier payments and keeping your financial records up to date.

Now is the time to look ahead. A cash flow forecast can simplify decision-making by clarifying whether there’s breathing room in the next quarter or whether action is needed sooner.

Get your records in order

If your records are messy, incomplete or sitting across too many systems, now is the time to streamline the essentials. Review your bookkeeping, receipts, invoices, bank reconciliations, payroll, BAS lodgements and unpaid debts before pressure builds.  

Check deductions before 30 June

Before the financial year ends, look over your expenses, upcoming purchases and any costs that may be deductible. This may include operating expenses, professional fees, software, equipment, training or insurance.

The key is to avoid guesswork. What you can claim depends on your business, records, timing and tax position. It’s worth speaking with your accountant before taking action to ensure you’re making clear and considered choices.

Follow up unpaid invoices

Getting paid on time reduces stress and gives you a more accurate view of where you stand before the new financial year begins.

Before 30 June, review your accounts receivable and follow up on overdue payments. Assess who owes you money, how long it’s been outstanding and whether any client relationships are costing unnecessary time, money and energy.

Have early conversations

EOFY is also a valuable time to assess performance, profitability, structure and goals for the year ahead.

A timely conversation with your accountant will help you uncover what’s worked, what’s changed and what needs attention before 30 June. It may also present opportunities to improve reporting, refine processes and prepare for growth.

Know where you stand, know where you're going

With organised records, more cash flow visibility and practical accounting guidance, you can approach EOFY with more clarity, control and confidence.

Based in Keysborough, Vergona Randsmith Accountants works with business owners across Bayside, Kingston and the Mornington Peninsula, bringing 50+ years of accounting expertise and access to a trusted financial advisory network.

Need a clearer picture?

Talk to our team about your business, goals and next steps.

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