I've seen it so many times: a business owner arrives at EOFY with a shoebox of receipts, a messy spreadsheet, and the vague hope that "it will all work out somehow." Sometimes it does. Often, it doesn't — or it does, but at the cost of weeks of stress and expensive accountant hours.
The good news? EOFY is predictable. It's the same process every year. And if you follow a clear checklist, it becomes almost routine. The difference between a chaotic EOFY and a smooth one often comes down to whether you've got a system — and whether you've been maintaining it throughout the year.
The philosophy behind EOFY readiness
Before I give you the checklist, let me explain the principle. EOFY isn't supposed to be a massive surprise. If your business is running smoothly throughout the year — with monthly bank reconciliations, timely receipt entry, regular payroll processing — then EOFY is just the final step of a process that's already been happening.
Think of it this way: if you're reconciling your bank account monthly, by June 30 you'll already know what the cash position is. If you've been entering receipts regularly, there won't be a backlog of three months of expenses waiting. If payroll is processed each month, the year-end payroll reporting is straightforward. EOFY isn't about panic work — it's about closure.
💡 The real EOFY secret: The work that matters happens throughout the year. By June 30, you should already know your financial position. EOFY is just tidying up and preparing documents for your accountant. If you're scrambling at EOFY, it's usually a sign something's been skipped during the year.
Your EOFY checklist — what needs to happen by June 30
1. Bank reconciliations — through 30 June
Every single bank transaction for the financial year needs to be reconciled. This means matching your bank statements to your accounting records. If a transaction is still marked as "uncleared" in July, it's now in the next financial year and shouldn't be on your EOFY reports.
This isn't optional. Your accountant will need to see clean, fully reconciled bank statements. If there are outstanding items, they'll ask questions, and you'll end up doing the work anyway — just later.
2. Receipts — get them all in
This is the part that catches people out. You've had all year to enter receipts, and by late June, there are always stragglers. Dig through email, file cabinets, desk drawers, and the ute. Every receipt that relates to the 2025-26 financial year needs to be in your system by June 30.
If you can't find a receipt, document it. If you have a transaction that's clearly legitimate but you've lost the receipt, note that down for your accountant. But don't leave unexplained items sitting in your accounts at EOFY — they create questions and delay your tax return.
3. Accounts receivable — chase outstanding invoices
If you invoice clients, are there unpaid invoices still sitting on your books? EOFY is a good time to make a final push to collect outstanding amounts. Money that's owed to you affects your profit, so if an invoice from April is still outstanding in June, it's still on your EOFY profit and loss — even though you haven't actually received the cash.
By June 30, identify which invoices are genuinely outstanding and which ones you think might never be paid. If you're concerned about bad debts, discuss this with your accountant before the final tax return.
4. Accounts payable — get supplier statements
Flip side: if you have outstanding bills, get the supplier statements to match against your records. If you've been invoiced for supplies that came in June, you want to make sure it's recorded as a June expense, not July.
5. Inventory — if applicable
If you hold stock, you need a physical count and valuation as at June 30. This isn't just a nice-to-have — it directly affects your profit calculation. Inventory is usually the biggest variable in EOFY for businesses that hold stock, so get this right.
6. Payroll — final payment and reporting
Make sure all employee payments through June 30 are processed and recorded. Run your year-end payroll reports to check that PAYG withholding and superannuation are correctly accounted for. Then complete your Single Touch Payroll (STP) finalisation declaration so your employees' income statements show as “tax ready” in myGov — for most employers this is due by 14 July.
7. Fixed assets — depreciation and disposals
If you have assets (vehicles, equipment, property improvements), you need to account for depreciation. This is usually your accountant's role, but your bookkeeper needs to flag any assets that have been sold, scrapped, or written off during the year.
8. Accruals and prepayments
Have you paid for insurance that covers into next financial year? Paid rent in advance? These need to be accrued correctly so that the expense is recognized in the right year. Similarly, if you've received payment for services that you'll deliver next year, that needs to be tracked as a liability (not yet earned revenue).
9. GST reconciliation
If you're GST-registered, reconcile your GST accounts. Your BAS payments throughout the year should match your accounting records. Any variances need to be understood and corrected.
10. Final EOFY reports
Generate your year-end reports: profit and loss statement, balance sheet, and a detailed general ledger. Review these for any unusual items or obvious errors. Your accountant will be looking at these, so flag anything you think looks odd.
✓ The handover moment: Once these 10 items are done, your books are ready for your accountant. You should be able to hand over a clean set of records, not a work-in-progress. This is the satisfaction of EOFY done properly — everything's closed out, the year is complete, and your accountant can focus on the tax return, not fixing your bookkeeping.
The systems that prevent EOFY stress
Let me be direct: if you're doing this checklist in a panic in July, something's been missing throughout the year. The business owners who find EOFY easy are usually the ones who've been doing these things all along:
- Reconciling bank accounts monthly (not quarterly or annually)
- Entering receipts within a few days of receiving them, not letting them pile up
- Processing payroll consistently every pay cycle
- Following up on outstanding invoices regularly, not waiting until EOFY
- Using accounting software that tracks things automatically (like GST)
What if you're already behind?
If you're reading this in late June or July and thinking "I haven't done any of this," don't panic. You have options.
First, do what you can: get as many receipts entered as possible, reconcile the bank account, and try to tidy up the most obvious loose ends. Second, be honest with your accountant. Tell them upfront that the books need some tidying. Third, consider whether you need professional help — either from your accountant or from a bookkeeper who specializes in rescue work — to get things sorted before the tax return deadline.
It costs more to fix things after the fact, but it's better than rushing through the EOFY process and making errors that could trigger ATO audits or queries later.
After 30 June — what's next?
Once June 30 is done, you can take a breath. Your role is to hand everything to your accountant and answer any questions they have. Don't start closing the year in your accounting software until your accountant confirms everything's ready. They might identify adjustments that need to be made, and you want to be able to make those easily.
The new financial year starts, and you go back to the monthly rhythm: reconcile, record, report. And suddenly, next June 30 won't feel like a panic at all.
Common questions
What bookkeeping needs to be done by 30 June?
Reconcile every bank transaction for the year, get all receipts entered, chase outstanding invoices, match supplier statements, do a stocktake if you hold inventory, finalise payroll and year-end payroll reports, flag any asset disposals for depreciation, record accruals and prepayments, reconcile your GST accounts, and run your year-end reports.
What if I'm behind on my books at EOFY?
Don't panic — you have options. Enter as many receipts as you can, reconcile the bank account and tidy the most obvious loose ends. Be honest with your accountant that the books need some tidying, and consider getting help from a bookkeeper who specialises in rescue work before the tax return deadline.
How do I avoid the EOFY panic next year?
The work that matters happens throughout the year: reconciling bank accounts monthly, entering receipts within a few days of receiving them, processing payroll consistently every pay cycle, following up outstanding invoices regularly, and using accounting software that tracks things like GST automatically. Then EOFY is just tying up loose ends.
EOFY coming up and you're not ready?
Bean Guru specializes in getting businesses EOFY-ready fast. We'll assess where you are, get the books in order, and prepare everything your accountant needs — so you can focus on your business.