EOFY can be stressful enough without trying to untangle months of overdue bookkeeping at the same time. One of the best things you can do before year-end is make sure your records are accurate, complete, and up to date.
Not only does this make tax time smoother—it also helps ensure your BAS, payroll, and financial reports are correct before your accountant starts preparing year-end work.
Here are some practical ways you can help get your books EOFY-ready.
Keep Your Bank Feeds & Transactions Up to Date
One of the biggest delays in EOFY bookkeeping is incomplete transaction data.
Make sure:
- All bank feeds are connected and working
- Transactions are coded up to date
- Duplicate or uncoded transactions are reviewed
Leaving months of uncoded transactions until June often creates unnecessary confusion and errors.
Upload Missing Receipts & Documents
Good bookkeeping relies on good records.
Before EOFY, it’s helpful to upload or provide:
- Supplier invoices
- Loan statements
- Finance documents
- Large purchase receipts
- Insurance and lease documents
This is especially important for asset purchases, where we may need details like purchase dates, finance terms, or installation dates.
Review Outstanding Invoices & Bills
Take time to review:
- Unpaid customer invoices
- Old outstanding bills
- Bad debts that may need to be written off
Often, there are invoices sitting in Xero that have already been paid—or debts that are no longer recoverable but still inflating income figures.
Cleaning these up before EOFY makes your reports far more accurate.
Check Payroll & Superannuation
Payroll errors are one of the most common EOFY issues we see.
Before year-end:
- Make sure all pay runs have been processed
- Reconcile wages and PAYG withholding accounts
- Ensure employee super is up to date
- Confirm STP reporting is correct
Fixing payroll issues early is much easier than trying to amend them after year-end.
Reconcile Your Accounts
Reconciliations help confirm your bookkeeping matches reality.
Accounts worth reviewing include:
- Bank accounts
- Credit cards
- Loans and finance accounts
- GST and PAYG balances
If balances don’t look right, EOFY is the ideal time to investigate before they flow into your tax return.
Don’t Leave Questions Until July
If you’re unsure how something should be coded—or whether a purchase should be treated as an asset, loan, or expense—it’s much easier to ask before EOFY than after.
Small issues left unresolved during the year often turn into larger clean-up jobs later.
The Bottom Line
The cleaner your bookkeeping is before EOFY, the smoother the entire process becomes—for both you and your accountant.
Accurate, up-to-date books help avoid delays, reduce errors, and ensure your financial reports actually reflect how your business is performing.
If your bookkeeping has fallen behind or you’d like help getting everything EOFY-ready, get in touch with our team—we’re here to help make year-end far less stressful.w your business in the near future, having accurate and up-to-date books can make a significant difference.
