End of Financial Year Planning for Bookkeepers, Accountants and Advisors

We always roll out the EOFY Planning bandwagon early - mid May, and start ticking off as many checklists and to-do lists as possible (or, at the very least, making those checklists and to-do lists).

Founder Martine Hoosen shared her insights into how to survive the EOFY marathon, including:

The EOFY Early Bird

Get started at least 6 weeks prior to EOFY on the below:

• Client Communication - Provide your clients an EOFY Checklist outlining requirements, delegation of tasks, and deadlines. 
• Education and Learning - Educate yourself, your team and your clients on any legislative, process or technological changes that may impact the EOFY processes.
• Reconciliations - If you haven't completed your payroll and BAS reconciliations on a monthly/quarterly basis (which we recommend you do), start working through the Q1 - Q3 backlog now.
• Audits - If you have clients that require Audits in July or August, start the prep work now. 
• Team Planning - Schedule time for team meeting so you can review workflows, assign tasks, set deadlines, and prioritise action items. 
• Scope Review - Conduct a quick scope review and identify any out-of-scope work that has made its way on the list.

Learn to say No

• Set realistic expectations - Make sure your team and your clients understand that EOFY compliance requirements take priority during this period
• Organise your communications systems - Utilise your tech and systems to streamline your processes and get organised in advance (email management rules and flows, workflow management systems, social media management tools etc).

Build Efficient Workflows

• Embrace Technology - If you don't already, consider implementing data management systems such as Dext or Hubdoc, workflow management systems such as Karbon, ClickUp or XPM, and document management systems such as PandaDoc, ignition or GovReports.
• Review Your Capacity - Be realistic about what you and your team can accomplish with the resources you have available. Adjust workflows accordingly, or consider outsourcing excess work.

Look After Yourself and Your Team

• Calm your mind - Schedule a 'time out' into your calendar and incorporate mindfulness or meditation exercises into your day (or any form of relaxation, preferably one that engages the senses - touch, smell, see, taste, hear).
• Make sure your body is getting the attention it deserves - food, water, sleep, & exercise.
• Feed your soul - celebrate the wins, reward yourself and your team, say thank you to those around you.
• Ask for help - lean on your support networks, contact your GP or healthcare professional, or utilise one of the many help-line services available. Check in with your team members regularly and actively create an environment that encourages people to ask for help (and give it).

If you haven't made a start on the above, there is still time to get ahead. Time to get planning!

Jump into the Academy to learn more about End of Financial Year Planning in our Feature Topic of the same name.