This is the week many small business owners feel the pressure.
But here’s the truth: you don’t need perfection to finish EOFY.
You need clarity.
Let’s make this simple. Your job this week is to:
- reconcile what you can
- attach what you can
- list what you cannot solve
- hand over cleanly
That’s the calm path.
Step 1: Reconcile your bank accounts
Reconciliation is the backbone of clean financials.
At a high level, it means:
- your bookkeeping file agrees with your bank statement
- you can trust your reports more
- missing or duplicated entries get spotted
If you are behind, prioritise getting as current as possible. If you cannot get fully reconciled, note where you’re up to.
Step 2: Clear uncategorised items as far as you can
Aim to reduce unknown items to a short list.
If you’re unsure about a transaction:
- add a note while you still remember
- flag it for your bookkeeper or accountant
- do not guess
Guessing creates messy clean-ups later.
Step 3: Attach receipts for big or unusual items
The goal is not to attach every small receipt. The goal is to support the transactions most likely to raise questions.
Attach evidence for:
- larger purchases
- new suppliers
- equipment
- unusual one-off spend
- anything you will forget later
Step 4: Build your “Unknowns” list
This list is the difference between chaos and calm.
Create a document called:
“EOFY Unknowns”
Add:
- transaction date and amount
- what you think it is
- what you need confirmed
- any supporting context
This gives your advisor a clear checklist to work through.
Step 5: Send your EOFY pack early if you can
You don’t need to wait until 30 June.
Many accountants and BAS agents prefer early packs because it spreads the work.
If you have your pack ready, send it.
What if you are seriously behind?
If you are months behind, the calm path is:
- start with the most recent month
- get current first
- work backwards if time allows
- send a clear note to your advisor about what is complete and what isn’t
It is always better to be transparent than to disappear.
A small business example: retail store
Retail stores have:
- frequent small transactions
- merchant fees
- stock purchases
- lots of supplier invoices
The final sprint becomes manageable when:
- bank feeds are coded weekly
- receipts and invoices are stored in one folder
- unknowns are listed, not ignored
What to do this week (your Money Hour)
- Reconcile bank accounts to the most recent date you can
- Reduce uncategorised items to a short list
- Attach receipts for the big or unusual items
- Create and save your Unknowns list
- Send your EOFY pack or book a time to hand over
Your Next Steps:
If you want this done quickly and calmly, we can help.
Send us:
- your software (MYOB, Xero, other)
- the date your bank accounts are reconciled to
- whether you have staff
And we will map the simplest next step.
Source (Australia):
ATO – Record keeping for business
https://www.ato.gov.au/businesses-and-organisations/preparing-lodging-and-paying/record-keeping-for-business
The three outcomes we want this week
- Your file is as current as possible
- Your unknowns are clearly listed
- Your advisor has a clean pack to work with
If you hit those three, you’ve done your job.
A simple email to send with your pack
Subject: EOFY pack – [Business name]
Body:
Hi [Advisor],
Attached is our EOFY pack so far. Banks are reconciled to [date].
Unknown items are listed in the “EOFY Unknowns” document.
Please let me know if you need anything else.
Thanks, [Name]
This reduces back-and-forth.
Your Money Hour checklist
- Reconcile to latest possible date
- Reduce uncategorised to a short list
- Attach evidence for big/odd items
- Create Unknowns list
- Send pack or book handover time
Quick FAQ
What if I can’t finish everything before 30 June?
That’s common. Your best move is to be clear about what is complete, what is not, and what questions you have. That transparency helps your advisor work efficiently.
Should I change anything in my file this week?
Avoid major changes unless you know exactly what you’re doing. Focus on reconciling, documenting, and handing over cleanly.
Your Next Steps:
If you want us to map your next steps, message EOFY with:
- your software
- reconciled date
- staff count
We’ll tell you the calm priority order.
One last calm reminder: EOFY is a process. If you’ve reconciled, documented, and handed over clearly, you’ve done the hard part. The rest is professional follow-through.
If you feel stuck, start with the bank account with the most transactions. Once that is clean, the rest feels lighter.
CTA: Want hands-on EOFY help? DM EOFY or contact us with your software and reconciled date, and we’ll map the next step.
