Confessions of an Accountant: Inside the EOFY Madness

Confessions of an Accountant: Inside the EOFY Madness

Every year, as the financial year draws to a close, a familiar scene unfolds across accounting offices. Desks are piled high, brows are furrowed, and the air crackles with a frantic energy.

But what exactly is EOFY, and why does it send accountants into overdrive?

Behind the Scenes

Think of me, an accountant with over a decade of experience, as a financial magician. EOFY is our time to shine, a chance to cast a spell of accuracy and clarity on your business’s financial health.

Here’s a peek into our bag of tricks:

1. The Year-End Payroll Presto

Throughout the year, we handle your payroll, keeping the ATO happy with regular reports. But EOFY is crunch time!

We ensure final super and salary sacrifice payments are made by the 25th of June to maximise your deductions. We also handle Single Touch Payroll (STP) for you, submitting it to the ATO by the 14th of August. Your payroll summary will then automatically show up in your MyGov ATO section.

If you are managing your own payroll, you will also need to have STP ready for employees by 14th July and the ATO by 14th August.

2. The Final GST & BAS Abracadabra

While the April – June BAS may not be due until the 28th of July, at Tailored Accounts, we believe in being proactive superheroes, not last-minute scramblers. That’s why we have the final BAS wrapped up by July 14th. This head start gives us time for a crucial step: reconciling your payslips with the BAS.

This will include completing all the reconciliation processes for the last quarter BAS and reviewing all quarterly sets of BAS submitted during the financial year. We’ll track down any discrepancies and ensure everything aligns properly before the final BAS is submitted.

3. The Grand Account Finale

After the big year-end reconciliations for Payroll and BAS, our team will also meticulously review every account in your financial records. It’s a thorough examination, ensuring the data is clean and ready for the grand finale: closing your books!

The Bigger the Business, the Bigger the Spell

The amount of time it takes to weave our financial magic depends on the size and complexity of your business. For example, a small business with a handful of employees and less than $500,000 turnover would need:

  • 3 hours for the year-end payroll processes;
  • 3 hours for finalising all sets of BAS;
  • 6 hours for other EOFY tasks;
  • An extra 3 hours to assist your tax agent or auditor.

This means that 100 small business clients would be allocated a budget of 1,500 hours – 6.5 full-time staff working six weeks prior to EOFY!

Now you know why accountants are always so busy at this time of the year.

Tailored Accounts: Your EOFY Superhero

At Tailored Accounts, we understand the importance of efficiency. We wield the latest technology to minimise manual work, saving you precious time and money. Our team’s meticulous attention to detail ensures you receive clear, error-free reports that paint a perfect picture of your finances.

Don’t Face EOFY Alone!

Is your financial reporting in need of a magical touch? Contact Tailored Accounts today! Let us cast our EOFY spell and ensure your business is ready for the new financial year.

Source: Harry Hoang | CEO of Tailored Accounts

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