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As the end of the financial year (EOFY) approaches, it’s critical for every bookkeeper and business owner to ensure their accounts and records are impeccably organised. This period can be stressful, but with the right checklist, you can navigate it smoothly and efficiently. Below is an essential EOFY checklist designed to keep your bookkeeping on track and stress-free. Plus, don’t miss the call to action at the end to download your comprehensive Pure Bookkeeping EOFY checklist!

  • Reconcile All Accounts
    Ensure that all bank accounts, credit cards, loans, and petty cash are reconciled up to the last day of the financial year. This includes checking that all transactions are correctly recorded and match your statements.

  • Review Accounts Receivable
    Check all outstanding invoices and follow up on any overdue payments. It’s important to close off any uncollectable debts and potentially write them off for tax purposes.

  • Assess Inventory
    If your business holds stock, conduct a stocktake to determine the value of inventory held. This will help in accurately reporting any changes in inventory levels and cost of goods sold.

  • Analyse Accounts Payable
    Review your accounts payable to ensure all expenses are accounted for in the correct period. Verify that you have all necessary documents, such as invoices and receipts, and that they are recorded against the correct expense categories.

  • Finalise Payroll
    Ensure all payroll transactions are accurately recorded and reconcile your payroll summary with the general ledger. Verify that employee superannuation contributions are up to date and comply with the Superannuation Guarantee requirements.

  • Check Fixed Assets
    Review your asset register and make adjustments for any disposals or new assets acquired during the year. Ensure depreciation is accurately calculated and recorded.

  • Prepare Financial Statements
    Generate financial reports such as the profit and loss statement, balance sheet, and cash flow statement. These documents provide valuable insights into your business’s financial health and are essential for tax preparation.

  • Backup Your Data
    Ensure that all your financial data is securely backed up. This protects your business from data loss due to unforeseen circumstances and ensures continuity.

  • Set Goals for the New Fiscal Year
    After reviewing the past year’s performance, set financial and business goals for the upcoming year. Planning helps in steering your business towards growth and increased efficiency.

EOFY doesn’t have to be a scramble. By following this checklist, you can ensure that your bookkeeping duties are concluded accurately and your business is positioned well for the upcoming fiscal year. Preparation is the key to success, and a systematic approach can make a significant difference in managing the EOFY pressures.

Ready to tackle EOFY with even more confidence? Download the comprehensive Pure Bookkeeping EOFY Checklist here and ensure nothing is missed as you wrap up the year. This detailed guide is perfect for bookkeepers and business owners alike, helping you streamline your processes and enter the new fiscal year with ease. Download now and take the first step towards a successful EOFY!

Feel free to bookmark this blog for your yearly EOFY preparation and share it with fellow bookkeepers and business owners who might benefit from a structured approach to the end of the financial year. Here's to a successful wrap-up and an even more prosperous new year ahead!


Katrina Aarsman

Article by Katrina Aarsman

Author of Grow, Profit, Exit, mother of two and mentor Katrina Aarsman has been with Pure Bookkeeping since 2018. As spokesperson for Pure Bookkeeping Australia, Katrina uses her role to help bookkeeping businesses in a meaningful way. Along with leading development, implementing goals and upholding values, Katrina is dedicated to staying in touch, on top of trends and issues with the bookkeeping industry. Before Pure Bookkeeping, Katrina built a multi-staffed bookkeeping business that she sold in 2015. Since then she has guided, supported and helped bookkeepers build and grow their businesses. She continues to find new things that inspire her and the people around her. Currently, she is exploring meditation and dreaming of one day living by the water.