EOFY Prep: How to Get Your Business Finances in Order Before June 30
The Problem: Money Draining Right Under Your Nose
The End of Financial Year (EOFY) isn’t just about closing the books. It’s about making sure your business is in the best possible financial position before the clock strikes midnight on June 30. If you wait until the last minute, you’re leaving money on the table. The smart move? Get ahead now.
Step 1: Get Your Records in Order
Messy books mean missed opportunities. Before June 30, make sure:
All transactions are recorded (no ‘I’ll do it later’ excuses)
Invoices are up to date (and outstanding ones are chased up)
Payroll is reconciled, and superannuation is paid
Business expenses are logged (yes, even that ‘work lunch’ that turned into dinner)
The Kartel Solution Tip: Don’t let tax time be a fire drill. Keep your records clean year-round with Xero or another accounting system.
Step 2: Maximise Your Deductions
The ATO won’t remind you to claim what’s yours. Look at:
Instant asset write-offs: Thinking about upgrading equipment? Do it before June 30.
Prepaid expenses: Pay for services or subscriptions now and claim the deduction this year.
Bad debts: If a client isn’t paying, write it off properly.
The Kartel Solution Tip: If you’re unsure what deductions apply, talk to an expert. Guesswork costs money.
Step 3: Check Your Cash Flow & Budgets
A business that looks profitable on paper can still struggle with cash flow. Before EOFY:
Check your accounts payable and receivable
Plan for upcoming expenses in the next quarter
Set realistic revenue targets for the new financial year
The Kartel Solution Tip: A budget isn’t a ‘set and forget’ document. Review it monthly to keep your business on track.
Step 4: Get Professional Advice
EOFY is the best time to sit down with an accountant or bookkeeper to:
Review your financial health
Identify ways to legally reduce tax
Plan for growth in the new financial year
Kartel Solution Tip: You wouldn’t DIY surgery, so don’t DIY your business finances. Get expert help before it costs you.
EOFY Doesn’t Have to Be Painful, If You Plan Ahead
Smart business owners don’t just ‘get through’ EOFY, they use it to strengthen their financial position. The key? Start early, get organised, and make decisions that set you up for success.
At The Kartel Solution, we help businesses cut through the noise and take control of their finances, without the BS.
Book a free consultation now and let’s make EOFY work for you, not against you.