End of financial year resources for your business

While this EOFY might look different, if you’re a small business owner, we’ve got the right resources to help you conquer the end of the financial year.

 

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:

  1. Perform stock take (if applicable).

  2. Fully reconcile all of your bank accounts and ensure they match with the balances from your bank statements.

  3. 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.

Guide to GST

Find out when to charge GST, how to do it and what to do with the money. Learn when and how to claim back GST on business expenses.

If you're registered for GST, you need to declare how much GST you have collected and paid throughout the year. Here’s a quick guide to GST (applicable to SG only). 

RESOURCES

Quick Guide to GST

 

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

When to hire an accountant

How to choose the right accountant

Find an accountant or bookkeeper

Get the most out of Xero day to day

Make sure you're utilising Xero's features and reporting capabilities to the fullest.

RESOURCES

Basic accounting

 

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.

Learn more

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 templates
If you are from an accounting practice that provides accounting and bookkeeping services to small business clients, check out our resource hub that contains webinars, self-paced courses and checklists curated to help you manage your client’s EOFY.
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