As the end of the financial year (EOFY) approaches, many small business owners feel that familiar sense of panic setting in. But it doesn’t have to be that way.

With the right systems in place and a clear plan, EOFY can be a time of reflection, clarity, and strategic planning rather than stress and confusion. At EB Bookkeeping East Coast, we help you get your financial house in order well before 30 June rolls around. So let’s walk through exactly what you should be doing right now to prepare - and how we can help.

Why EOFY Preparation Matters for Small Business

EOFY isn’t just about ticking boxes for the ATO. It’s an opportunity to evaluate your financial health, plan ahead, and make sure you’re operating in the most effective way possible. When you’re organised early:

• You reduce stress and avoid last-minute chaos
• You maximise tax deductions and reduce your tax bill
• You gain clarity around your cash flow, budget, and profitability
• You make better decisions about where to invest your time and money next year

The Ultimate EOFY Checklist for Small Business Owners

Here’s your simple, actionable checklist to help you stay on top of your EOFY obligations:

✅ 1. Reconcile Your Bank Accounts and Credit Cards

Make sure all accounts are fully reconciled up to the most recent date. Any discrepancies should be investigated and corrected.

✅ 2. Ensure All Invoices and Bills Are Entered

Check that all income and expenses have been recorded correctly in your accounting software. Don’t forget those last-minute receipts!

✅ 3. Review and Clean Up Your Chart of Accounts

A well-organised chart of accounts leads to cleaner reporting and fewer errors.  Ideally, you shouldn’t make changes to your chart of accounts without consulting your bookkeeper or accountant first.

✅ 4. Write Off Bad Debts

If any customer invoices remain unpaid and are unlikely to be collected, now is the time to write them off.

✅ 5. Check Payroll and Superannuation Obligations

Ensure super has been paid on time and your Single Touch Payroll (STP) data is up to date and correct.

✅ 6. Review Stock and Inventory

Conduct a stocktake and adjust your records for any discrepancies. This is essential for accurate profit reporting. Ensure the cost price is used and not the retail price.

✅ 7. Lodge Outstanding BAS or IAS

Make sure all Business Activity Statements (BAS) and Instalment Activity Statements (IAS) are lodged and up to date.

✅ 8. Capture All Tax-Deductible Expenses

This includes business-related travel, equipment, software subscriptions, and even home office costs. Don’t leave money on the table!

✅ 9. Prepare and Review Financial Reports

Run and review your Profit & Loss Statement, Balance Sheet, and Cash Flow Report. These tell you the true story of your business.

✅ 10. Back Up Your Financial Data

Whether you’re using cloud software or not, create an EOFY backup of all financial files and reports.

Time-Saving Tips to Get It All Done Without the Overwhelm

We know you didn’t start your business because you love spreadsheets. That’s where EB Bookkeeping East Coast comes in:

• We offer complete EOFY preparation services, tailored to the level of support you need.
• We’re BAS agents, so you can be confident your lodgements are accurate and on time.
• We set up smart systems, so you can capture receipts digitally and automate regular tasks.
• We train you in software like Xero and QuickBooks, if you’d prefer to manage the basics yourself.

EOFY doesn’t have to mean late nights and paperwork headaches. Let’s get you sorted, quickly and calmly.

Free Download: EOFY Preparation Checklist

Want a printable version of the checklist above? Click here to download it now.

Stick it on your office wall or share it with your team. You’ll thank yourself later!

How EB Bookkeeping East Coast Can Help You Stress Less This EOFY

Whether you’re in Traralgon, somewhere else in Gippsland, or operating remotely anywhere in Australia, our small team of qualified bookkeepers and registered BAS agents are here to help. We offer:

• Full EOFY support – from reconciliation to reporting and lodgement
• Flexible services – we’ll handle as much or as little as you need
• Reliable cloud-based bookkeeping – accurate, secure, and accessible from anywhere
• Straightforward pricing – thanks to our home-based model, we keep costs low and pass those savings onto you

And most importantly, we tailor everything we do to your unique business. No generic checklists. No one-size-fits-all services. Just the right level of support, right when you need it.70

Book Your FREE Discovery Call

If this EOFY you’re ready to:

• Get organised
• Reduce your stress
• Maximise your deductions
• Feel more in control of your finances...
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Then it’s time to get in touch. Book yourFREE 30-minute discovery call today and let’s talk about how EB Bookkeeping East Coast can take the pressure off—so you can get back to doing what you love.

👉 Book your call via our website, or phone us on 0412 776 932 to get started.