How to Prepare for the End of Financial Year

Now is the perfect time to sort out your goals and systems for the new financial year (FY 2023-24). We know, we haven’t even finished the current financial year (FY 2022-23) yet, but this year is already flying—1 July 2023 will be upon us in no time!

Are you utilising your software to the best of its advantage?

Do you know all the functions and specific reports?

Is your business up to date with the EOFY tax requirements?

If you’d like to learn how you can effectively prepare for the end of this financial year, you’ll want to keep reading as we’re here to share some goodies.

Budget Variance Report

One of our favourite reports available in Xero is the Budget Variance Report, which allows you to compare your actual revenue and expenses against your budgeted amount.

Amanda absolutely loves this one as it means you need to spend a bit of time on setting a budget but then you can also have conversations about how you’re hitting those goals or where spending needs to be adjusted—after all, setting a budget for the new financial year is a great thing to do now before the new financial year starts!

Leave Balance Report

Another report we love is the Leave Balance Report—this gives you a snapshot of where your staff’s leave is currently sitting and how much it would cost your business should they resign or leave.

We highly recommend reviewing this report regularly and implementing a policy to encourage your employees to take their leave so that the balance isn’t sitting too high.

Tax time

That time of year is fast approaching and there have been a few important changes worth knowing—for example, did you know that the animal of group certificates or payment summaries is no longer a thing?

Yep, these documents are not a requirement as Single Touch Payroll allows your employee to view everything through their MyGov account. However, there is one final declaration that needs to happen before 14 July 2023—if you’re one of our clients, you won’t need to worry as we’re all over this! In fact, it’s been one of Amanda’s major priorities this year, so she’s been a busy bee to get these finalised for you and your employees as soon as possible.