So, it’s that time of the year and all the blogs are flooded with tips and tricks on how to best get around this busy time. June 30 is the business end of the financial year (EOFY) for finance officers, bookkeepers and payroll clerks in Australia.
This year you may need to spend a little time check over the JobKeeper Payments to make sure it all reconciles – here is the ATO JobKeeper Guide.
At Calxa, we know many of our customers have now finalised their budgets. They got their board approval and now will focus on the other finance department responsibilities. So, we thought rather than add another set of advice we gather up some of the best resources we have come across.
MYOB’s EOFY Hub
MYOB have a EOFY hub that covers everything from key dates, where to find EOFY webcasts and blogs.
The MYOB team will also be available to live chat at certain times throughout June and July if you need some expert advice.
One critical point this EoFY, is to make sure you have JobKeeper payments set up correctly. The MYOB Team have more information on how to handle JobKeeper payments in MYOB in their help centre.
XERO’s EOFY Resources for Accountants and Small Businesses
Xero have put all their webinars and articles related to EOFY in one place for Accountants and Bookkeepers and for Small Businesses. Xero Central has a Business Continuity section where you will find all you need to account for JobKeeper payments.
The resources are all grouped under helpful sections, so you can quickly find exactly what you are looking for.
As a bonus, the Xero Team have developed Xero’s Top Tips on getting your small business EOFY ready and download their editable checklist.
QuickBooks Tax Calendar and Checklists
Quickbooks have made tax time easier with a detailed calendar of key dates at tax time.
They’ve even split up the calendar. So there is one column for if you are Self-Employed and another for if you run a Small Business. Under the Small Business column you will find a link to more STP information.
To help you tick things off as you go, Quickbooks have a handy 10-step guide and checklist available.
Institute of Certified Bookkeepers (ICB) – Workshops and Webinar
The ICB have developed a practical EoY Preparation Checklist that can be ticked off as you are moving through your tasks.
ABN – Australian Bookkeepers Network
Helping bookkeepers in their practices, ABN have partnered with the Australian Payroll Association to deliver some payroll-centric EoY courses.
Preparing Payroll for EoY is a 2-hour virtual seminar that will cover everything you need to know about EoY payroll.
3 End-of-Year Tips from the Calxa Team
While compliance takes precedence around this time of the year, don’t forget about some other important tasks:
- Back up any important documents and accounting data.
- Do a general tech spring clean. Update apps to the latest versions, remove old ones and review your tech subscriptions.
- Investigate new technology to automate some of your routine tasks.
Hopefully this gives you some of the tools available out there to deal with your end-of-year. Happy New Financial Year.