Why May is Your Secret Weapon for a Stress-Free EOFY: The Complete Bookkeeping, HR & Payroll Checklist

The EOFY rush is coming, but May is the ideal time to get ahead of the curve. Preparing now reduces stress, minimises errors, and ensures you have a clear picture of your financial standing before 30 June. For businesses relying on bookkeeping services in Brisbane, early preparation is especially important to avoid last-minute compliance issues. 

Bookkeeping – Get the House in Order:

• • Reconciliation: Ensure all bank feeds in Xero or MYOB are up to date. Use tools like Dext Prepare to capture all outstanding receipts and invoices.
  • Review Debtors and Creditors: Chase outstanding invoices and consider writing off bad debts before EOFY.
  • TPAR Preparation: A reminder for clients in construction and related industries to ensure contractor details are accurate for their Taxable Payments Annual Report. Many businesses also rely on a BAS agent in Brisbane to ensure compliance and reporting accuracy.
  • Book in Time for Stocktake: If you hold any inventory, you must book in time for your EOFY stocktake. P.S. Your bookkeeper and accountant will love you if this is done accurately. So book it into your diary.

Payroll – Preparing for Finalisation:

• • Single Touch Payroll (STP): Ensure all pay runs are up to date and correct so that STP finalisation in July is a seamless process. Using payroll services in Brisbane helps businesses ensure payroll accuracy and compliance with ATO requirements.
  • Superannuation: Review superannuation contributions. Remind businesses that to claim a tax deduction in the current financial year, super must be paid and received by the fund before 30 June (clearing houses require extra time). Remember, Pay Super is around the corner, so why not try to start moving to payday before it’s a law?

HR – Looking Ahead to 1 July:

• • Wage Reviews: The Fair Work Commission’s annual wage review takes effect on 1 July. May is the time to review employment contracts and ensure payroll systems are ready for potential award rate increases.
  • Policy Updates: Ensure staff position descriptions and onboarding templates are up to date for the new financial year.

Don’t wait until June to tackle your end-of-financial-year to-do list. The key to a stress-free transition into the new financial year is proactive preparation. Whether you need an expert eye to review your accounts, audit your payroll data, or transition to a streamlined cloud software setup, we are here to help. Furthermore, with annual wage reviews and compliance changes taking effect on 1 July, consider partnering with us for all your HR needs. Our integrated payroll & HR Partnership ensures your team is supported, your contracts are compliant, and your business is fully prepared for the year ahead. Reach out to the Gecko Cloud Solutions team today to get started.

Once you have completed this checklist, our team at Gecko Cloud Solutions highly recommends scheduling a tax planning session with your accountant. This step ensures you remain proactive rather than reactive when it comes to forecasting and managing your estimated tax bill.