The financial year ends on June 30 , making EOFY preparation is essential for business owners. Key Tasks Before June 30 To prepare for EOFY, businesses should: Review profit and loss statements Check deductible expenses Write off bad debts Review asset purchases Reconcile accounts Payroll and Superannuation Ensure all payroll records are accurate and that employee super contributions are up to date. Work With Your Accountant Early Planning before the end of the financial year

Running a business involves many financial responsibilities. Unfortunately, small mistakes in tax reporting can become expensive problems. Here are 5 common mistakes 1. Not Keeping Proper Records Without accurate records, it becomes difficult to claim deductions and defend claims if audited. Records should be kept for a minimum of 5 years from the date you lodge your tax return. 2. Missing Important Deadlines Late lodgements can result in penalties and interest. 3. Incorrect

Many small business owners unknowingly pay more tax than necessary. If your finances feel confusing or your tax bill seems higher every year, it may be time to seek professional advice. 7 Signs You Might Be Overpaying Tax: 1. You only think about tax at the end of the financial year - Tax planning should happen throughout the year, not just at tax time. 2. You're unsure which expenses are deductible 3. Your business structure hasn't changed since you started 4. You’re managin

Many businesses fail despite being profitable because they run out of cash. Understanding Cash Flow Cash flow refers to the money coming in and going out of a business. A company may be profitable on paper but struggle to pay bills if customers delay payments. Improving Cash Flow Strategies include: Faster invoicing Offering online payment options Negotiating supplier terms Monitoring expenses Good cash flow management ensures financial stability.