For the answer to that question, you need to talk to the Tax Accountant Hobart businesses have trusted with their tax and financial advice for more than 25 years.
As you sail into the new financial year with a sense of relief that another EOFY has passed, we at Hills Accounting know the journey doesn’t end on June 30. In many ways, the close of one financial year is simply the beginning of the next.
July is the ideal time to get your financial records ship-shape, review your business performance and set a new course towards an even stronger year ahead.
1. Review Your Record Keeping System
Now that another EOFY is behind you, take a few minutes to think about how smoothly your record keeping worked this year.
Did you spend hours searching for receipts or invoices? Were important documents difficult to find? Did your accountant have to request additional information before your tax return could be completed?
Every EOFY provides valuable lessons. By identifying what worked well—and what didn’t—you can make simple improvements now that will save time, reduce stress and make next year’s EOFY far easier.
2. Make Next Year’s EOFY Easier
Every business owner discovers little frustrations during EOFY.
Perhaps you needed to search through emails for invoices, chase missing receipts or spend hours answering questions that could have been avoided with a better system.
Now is the perfect time to make small improvements while the experience is still fresh in your mind. Whether it’s adopting cloud accounting software, creating a better filing system or scheduling regular bookkeeping throughout the year, the changes you make today could save many hours next EOFY.
3. Review Your Business Performance
Once the pressure of EOFY has passed, take the opportunity to step back and look at your business as a whole.
Beyond the numbers, ask yourself:
Which parts of the business performed well?
Where were the biggest challenges?
Did your cash flow meet expectations?
Which products or services were most profitable?
What would you like to improve over the next twelve months?
EOFY isn’t simply about closing the books. It’s also an opportunity to reflect on the year you’ve just completed and use those lessons to make better business decisions in the year ahead.
4. Start Planning Rather Than Reacting
The businesses that enjoy long-term success don’t spend the year simply reacting to problems.
They make plans.
Now is an excellent time to establish financial goals, review budgets, schedule regular business reviews and decide what improvements you’d like to achieve over the next twelve months.
5. Book A Post-EOFY Review
Many business owners only speak with their accountant when something goes wrong or a deadline approaches.
A post-EOFY review can identify opportunities to improve profitability, strengthen cash flow and better prepare your business for the year ahead.
As you begin the new financial year, it’s worth exploring the practical financial planning resources available through the Australian Government’s Business.gov.au website. You’ll find guidance on managing cash flow, budgeting and other financial topics that can help support your business throughout the year.
A New Financial Year… A New Opportunity
The end of the financial year isn’t the finish line—it’s the beginning of your next business journey.
At Hills Accounting, we’ve been helping Hobart businesses navigate every stage of the financial year for more than 25 years. Whether you need assistance with tax compliance, business advice or planning ahead, our experienced team is here to help you chart a confident course through the year ahead.
If you’re looking for trusted financial advice and practical business support, contact Hills Accounting today.
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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