At Hills Accounting Hobart, we regularly speak with business owners who suddenly realise June 30 is approaching much faster than expected.
For many people, EOFY arrives with a mixture of urgency, paperwork, and the uncomfortable feeling that something important may have been forgotten.
The good news is that, as Tax Accountants in Hobart with over 25 years of experience, we can often help reduce that stress considerably — particularly when business owners seek advice before the financial year actually ends.
A good accountant does far more than simply prepare tax returns. In many cases, they can help improve cash flow, simplify systems, assist with business planning, and potentially help reduce tax legally before June 30 arrives.
Here are five important ways an accountant may be able to help before EOFY.
1. Help You Legally Reduce Your Tax
One of the biggest mistakes many business owners make is waiting until July to think about tax planning.
By then, some opportunities may already be gone.
Speaking with your accountant before June 30 may help identify:
- legitimate deductions,
- asset purchases,
- superannuation contributions,
- business expenses,
- and potential write-off opportunities.
EOFY planning is not about “creative accounting.” It is about making sensible financial decisions before the financial year closes.
The Australian Government also provides a useful EOFY checklist for businesses covering record keeping, deductions, compliance tasks, and planning for the new financial year.
ATO EOFY business information
2. Improve Cash Flow Before Problems Appear
A business can look profitable on paper while still struggling with cash flow.
Late payments, rising costs, and unexpected expenses can quickly place pressure on a business if there is no clear financial strategy in place.
A proactive accountant can help you:
- review spending patterns,
- understand where money is going,
- identify unnecessary costs,
- and prepare for quieter periods before they become difficult.
Sometimes a few small adjustments before EOFY can create a much stronger financial position heading into the new financial year.
3. Help You Plan for the New Financial Year
EOFY is not only about looking backwards.
It is also one of the best opportunities to review where your business is heading next.
An experienced accountant may help with:
- budgeting,
- forecasting,
- business goal setting,
- performance tracking,
- and identifying areas for growth.
Good accounting advice is often less about spreadsheets and more about helping business owners make informed decisions with confidence.
4. Streamline Your Systems and Software
Many businesses still spend far too much time dealing with manual administration and inefficient systems.
Modern accounting software can automate many routine tasks including:
- invoicing,
- expense tracking,
- payroll,
- reporting,
- and cash flow monitoring.
Your accountant may also recommend business software that integrates properly, helping reduce administrative workload and improving visibility across the business.
As we discussed in an earlier resource on the many roles accountants now play in modern business support, accountants today often provide much broader assistance than many people expect.
5. Give You Peace of Mind Before EOFY
Running a business can sometimes feel overwhelming approaching tax time.
One of the greatest benefits of having a trusted accountant is knowing somebody is there to help before small problems become larger ones.
That can include:
- reducing uncertainty,
- improving organisation,
- avoiding unnecessary surprises,
- and helping business owners feel more confident about their financial position.
Sometimes peace of mind is just as valuable as the numbers themselves.
EOFY Will Arrive Faster Than You Think
With June 30 now only weeks away, this is an ideal time for business owners to review their financial position before the financial year closes.
At Hills Accounting Hobart, we work with businesses and individuals across Tasmania to provide practical accounting advice throughout the year — not simply at tax time.
Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs.
For advice tailored to your circumstances, have a chat with us at Hills Accounting Hobart.
Talk to Kathy and the team today
and stay ahead with Hills Insights.
Call 📞 03 6273 7800,
or email admin@hillsaccounting.com.au.
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