The end of the financial year is an excellent opportunity to take stock of how your business performed in the previous year – but it’s stressful too. Here are the top ways you can make sure it’s as simple and error-free as possible so that your team doesn’t burn out.
Have you moved offices? Changed personnel? Got a new trading name? Attending to these details is the first step in ensuring a smooth EOFY. Make sure your internal files are all present and correct, and that the team knows where to find the necessary data and information. EOFY is the ideal time to identify gaps and inefficiencies that have a roll-on impact at tax time. While it may be too late to take care of these issues for the current financial year, make note of them to assess how you can prevent the same issues from cropping up in the coming months. Bringing on an independent contractor to fill in those gaps throughout the next year could make future EOFYs much less stressful.
The best time to start preparing for the end of the financial year is at the beginning of the financial year. If you’re finding yourself scrambling to keep up this year, it will pay to get going immediately. If you haven’t started already, there’s no time like the present. It’s also time to consider whether your staff has the capacity to take on the work of preparing tax returns in addition to their regular workload, or whether they need additional support. To ensure your team isn’t overworked, take this as your cue to speak with them about any pain points they’ve previously encountered. It’s likely many problems will be the result of a resource issue, and you can easily remedy this with short-term assistance.
Having an organised approach will help when making plans for any briefings, training or meetings required to prepare for EOFY. Get into calendars early, research any policy or tax law changes and make sure your team has access to all the resources they need. If you’re hiring an independent contractor or temp, you’ll have your pick of the best workers out there, and can also take the time to ensure you’ll find someone whose personality and work style gels with your team. A contractor will be able to relieve your team, making the transition from one financial year to the next smoother. Many contractors are highly skilled specialists who require little training and can start immediately – that can make a huge difference to your team’s stress levels and workload. Contract workers also have the added bonus of bringing a lot of value without the ongoing cost of a permanent hire. Taking the time to get every detail right really pays when it comes to a smooth EOFY. Make sure you’ve got the right set of skills within your team to take on the busy period and come out on top.
Back up your data
Whether it is external drives, the cloud or an off-site location, backing up data becomes even more crucial when it comes time to report on your financial year. If you haven’t already, make sure your files are saved in multiple locations so you’re protected from unforeseen setbacks.
Review your processes
While it’s all still fresh, hold a comprehensive review of your EOFY processes. Whether it’s through meetings, a staff survey, informal conversations or a combination of all three, ask your staff to nominate areas for streamlining and improvement. If you’ve hired a contractor, they will be able to provide an invaluable perspective on how things could be done more efficiently next year, so make sure your contractor agreement extends past your expected filing date.
Ready to start planning for EOFY? Contact Michael Page today and speak to one of our expert staff about sourcing top contract workers.
End of financial year doesn’t have to be full of stress. You can make this time of year easier by:
- Hiring contract workers to fill in gaps
- Reviewing your processes
- Getting an early start
- Backing up all your data