To avoid the end of financial year – EOFY – mad rush, businesses should start taking action now to prepare. A smooth and easy EOFY is always preceded by spectacular preparation.
30 June always seems to sneak up on us doesn’t it? There’s a lot involved in preparing your business documentation for the end of financial year.
If you are a small business, it is highly likely that you need to do everything to manage your business, from administration, marketing to bookkeeping. Business is running well as usual and you believe you are able to manage everything…and then, end of financial year approaches…The calm before the storm.
To avoid the end of financial year – EOFY – mad rush, businesses should start taking action now to prepare. A smooth and easy EOFY is always preceded by spectacular preparation. If you’re a larger company, you should still take action. You’re more than likely to have more paperwork and more time will need to be invested into EOFY preparations.
With the end of financial year only a few months away, here are five important tips for businesses to prepare for the EOFY. There are also a few general spring cleaning tips too – organisation is key to running a successful business and the EOFY is a great excuse to do more than just tax.
Carolyn Dorrian, Principal solicitor, Dorrian & Co