Explore this page to learn more about End of financial year (EOFY)
Finalise your accounts
It’s a good time to get organised so you’re ready to submit your paperwork. Here are some key jobs to do before you process a year end in Xero:
Perform stock take (if applicable).
Fully reconcile all of your bank accounts and ensure they match with the balances from your bank statements.
Enter and approve all invoices, bills and expense claims.
4. Bank all payments you’ve received.
5. Invite your accountant or bookkeeper into Xero as a user.
Once this is done, learn how to process the year end in Xero.
Start the next financial year off on the right foot
EOFY is a great time to set up systems and processes to improve your business.
Use online accounting software
Online accounting software automates data entry, so your books are always up to date. That’s great for end of financial year, but it also means you can create a P&L statement or a balance sheet whenever you like – not just at tax time. And because you’ll have digital records of everything, there’s no need to fear an audit.
RESOURCES
Free conversion from Excel and other accounting software to Xero
How accounting technology de-stresses finances
Work with an accountant or bookkeeper
As a small business owner, you have to do a lot yourself. There simply isn’t the money to outsource much. In deciding whether or not to get outside help on something, you have to ask if doing it yourself creates extra risks or opportunity costs.
You may think you can’t afford the investment, but look at how long it would take you to do specific tasks and ask yourself, is that a good use of my time? Then consider how much money their expertise could save you and how it would help you achieve your goals.
RESOURCES
Xero tools that make financial year end beautifully easy
Automate your manual bookkeeping tasks
Gain access to up-to-date business financials with Hubdoc. Easily get bills and receipts into Xero so you can match transactions to the Xero bank feed.
Explore Hubdoc
Reconcile your bank transactions in just a few clicks
Connect to your bank so transactions flow automatically into Xero each business day, allowing you to reconcile large numbers of transactions quickly.
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Make better business decisions and stay on top of your numbers
With easy-to-use financial reporting tools, generate reports whenever you need them. Report layouts can be customised to suit the needs of different businesses.
Explore templatesOr register interest as an accountant or bookkeeper