Secrets Revealed: How Your Accountant Prepares Their Own Business For EOFY
May 29, 2019
Your accountant is there to support your business and help it grow. But how does your accountant prepare their own business for the end of financial year?
We will take you behind the curtain and reveal the tips and tricks that accountants use to get their business EOFY ready!
Plan For The Future
Accountants are not just interested in the bottom line; they strive to make business owners goals and dreams come true. They believe that with the right planning anything is possible. They plan for the future and then set plans in motion to make them happen. And this means setting clear goals and plans to make those dreams come true.
Here are a few things to consider when setting your goals:
- Specific – be clear about what you want to achieve, and go into detail about what that is
- Measurable – make sure the goal can be measured, so you know if you’ve achieved your goal
- Achievable – be realistic, is the goal something you have the time, money and resources to meet
- Relevant – ensure your goal is relevant to the direction you want your business to head in, for example, increasing profit, employing more staff, increasing brand awareness
- Timely – set a realistic deadline for completing the goal.
Make Sure Their Clients are Better off
An accountant will review not only their P & L’s (Profit and Loss Statements) but their clients as well to ensure that their businesses are growing and going in the right direction. When a business is growing it is more important than ever to understand where and how to invest their profits. Growth is expensive and it can make or break a business.
Some things to consider when planning for growth:
- Primary objectives (PO) – What are your 2-3 highest priority objectives for growth? One of the things that derails growth is too many goals and objectives. Most business can only focus on a couple of initiatives at any give time. As we mentioned previously you need to set goals for the future, and then prioritise and only focus on your top 2 or 3 objectives.
- Revenue streams (RS) – How can we create more streams of revenue? There are only three ways to grow: add more customers, increase the average transaction size, increase the number of purchases per customer. It is easier to sell more to existing customer than find new customers. How can you package or promote products or services together? What new markets or segments could you enter?
- Strategic relationships (SR) – What relationships do we need to develop? This is often over looked by business owners who want growth. What marketing partners could be motivated to promote and co-market your business? What joint ventures would allow you to discover new work? What vendors or suppliers could help you grow?
- Key indicators (KI) – What metrics impact our growth most? Most businesses know how much revenue they did last month and how much money they have in the bank. But by focusing on things like number of leads converted, business acquired via referral and the cost to acquire a new customer it helps you to know where to focus your energy. Knowing the path of least effort when acquiring new business allows you to take control of the things that actually impact your growth.
Ensure They Are Compliant
All accountants ensure that they are compliant at the end of the year. This means that all tax obligations have been met and they know what the owe to the ATO. This is something that is imperative when creating financial plans for the next year. This allows you to start off the new year knowing your true financial position.
If you owe money you can make a plan to clear the debt. Or if you have money coming back make new investments to continue to grow.
If you have any questions on your end of year planning, please get in touch. We offer free consultations, book in here.
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Xero just made EOFY workpapers a lot less painful
TPAR deadline & CGT/negative gearing reform consultation
The Australian Taxation Office (ATO) has announced a significant change affecting how small businesses process employee superannuation contributions through its Small Business Super Clearing House (SBSCH). Effective 30 June 2026, the ATO will cease providing the Small Business Super Clearing House (SBSCH) service. This change means that small businesses will need to transition to an alternative method for paying superannuation contributions to their employees' chosen funds before the deadline. What is the SBSCH? The Small Business Super Clearing House is a free, online service provided by the ATO that allows eligible small businesses (those with 19 or fewer employees, or with an annual aggregated turnover of less than $10 million) to make all their super guarantee contributions in a single transaction. The ATO then distributes the payments to the employees' respective super funds. The service has been a convenient tool for simplifying compliance and reducing the administrative burden on smaller enterprises. Why is the ATO making this change? The move is part of the broader push towards streamlining business processes and encouraging the adoption of more integrated, commercial solutions. With the proliferation of payroll and accounting software that incorporates Single Touch Payroll (STP) and superannuation payments, the ATO is transitioning out of directly providing this service. What are Your Alternative Options? The good news is that the market offers numerous robust and integrated alternatives that can handle your superannuation obligations seamlessly. Businesses must select and implement a new system before the 30 June 2026 cut-off date to ensure continuous compliance. Here are the most common alternative solutions: 1. Cloud-Based Accounting and Payroll Software Most modern cloud-based accounting platforms include integrated payroll functionality that allows you to calculate, process, and pay super contributions directly. These systems are often pre-configured to meet STP requirements and simplify compliance. Xero Integrated payroll with key features of direct super contribution payment and STP compliance. Suitable for Small to Medium Businesses (SMBs) seeking a comprehensive accounting and payroll solution. QuickBooks Online Payroll integration with key features of automated super calculation and payment (via partners like Employment Hero Payroll). Suitable for SMBs already using the QuickBooks ecosystem or needing strong project tracking. MYOB Offers various payroll solutions (e.g., MYOB Business) with key features of integrated super and STP reporting. Suitable for Businesses needing robust local reporting and compliance features. 2. Commercial Superannuation Clearing Houses If your business prefers to keep payroll and superannuation separate from your accounting software, or if you use a system without integrated super payments, a dedicated commercial clearing house may be the answer. These services specialise in handling the distribution of super payments to multiple funds. 3. Employee Super Fund's Clearing House Some large superannuation funds offer their own clearing house services, which may be available to employers who contribute to that fund. Check with your employees' primary super funds to see if this is an available, viable option for your business. Action Plan: Next Steps for Your Business To ensure a smooth transition, small businesses should begin planning immediately: Assess Your Current System: Review your existing accounting or payroll software. Does it offer integrated super payment functionality? Evaluate Alternatives: Research the options listed above (Xero, QuickBooks, MYOB, commercial clearing houses) and determine which best fits your business size, budget, and existing processes. Plan the Transition: Allow ample time (well before June 2026) to select, set up, and test your new system. This includes migrating employee and fund details. Seek Professional Advice: Consult with your accountant or bookkeeper to ensure your chosen solution is compliant and correctly implemented.
Xero just made EOFY workpapers a lot less painful
TPAR deadline & CGT/negative gearing reform consultation
The Australian Taxation Office (ATO) has announced a significant change affecting how small businesses process employee superannuation contributions through its Small Business Super Clearing House (SBSCH). Effective 30 June 2026, the ATO will cease providing the Small Business Super Clearing House (SBSCH) service. This change means that small businesses will need to transition to an alternative method for paying superannuation contributions to their employees' chosen funds before the deadline. What is the SBSCH? The Small Business Super Clearing House is a free, online service provided by the ATO that allows eligible small businesses (those with 19 or fewer employees, or with an annual aggregated turnover of less than $10 million) to make all their super guarantee contributions in a single transaction. The ATO then distributes the payments to the employees' respective super funds. The service has been a convenient tool for simplifying compliance and reducing the administrative burden on smaller enterprises. Why is the ATO making this change? The move is part of the broader push towards streamlining business processes and encouraging the adoption of more integrated, commercial solutions. With the proliferation of payroll and accounting software that incorporates Single Touch Payroll (STP) and superannuation payments, the ATO is transitioning out of directly providing this service. What are Your Alternative Options? The good news is that the market offers numerous robust and integrated alternatives that can handle your superannuation obligations seamlessly. Businesses must select and implement a new system before the 30 June 2026 cut-off date to ensure continuous compliance. Here are the most common alternative solutions: 1. Cloud-Based Accounting and Payroll Software Most modern cloud-based accounting platforms include integrated payroll functionality that allows you to calculate, process, and pay super contributions directly. These systems are often pre-configured to meet STP requirements and simplify compliance. Xero Integrated payroll with key features of direct super contribution payment and STP compliance. Suitable for Small to Medium Businesses (SMBs) seeking a comprehensive accounting and payroll solution. QuickBooks Online Payroll integration with key features of automated super calculation and payment (via partners like Employment Hero Payroll). Suitable for SMBs already using the QuickBooks ecosystem or needing strong project tracking. MYOB Offers various payroll solutions (e.g., MYOB Business) with key features of integrated super and STP reporting. Suitable for Businesses needing robust local reporting and compliance features. 2. Commercial Superannuation Clearing Houses If your business prefers to keep payroll and superannuation separate from your accounting software, or if you use a system without integrated super payments, a dedicated commercial clearing house may be the answer. These services specialise in handling the distribution of super payments to multiple funds. 3. Employee Super Fund's Clearing House Some large superannuation funds offer their own clearing house services, which may be available to employers who contribute to that fund. Check with your employees' primary super funds to see if this is an available, viable option for your business. Action Plan: Next Steps for Your Business To ensure a smooth transition, small businesses should begin planning immediately: Assess Your Current System: Review your existing accounting or payroll software. Does it offer integrated super payment functionality? Evaluate Alternatives: Research the options listed above (Xero, QuickBooks, MYOB, commercial clearing houses) and determine which best fits your business size, budget, and existing processes. Plan the Transition: Allow ample time (well before June 2026) to select, set up, and test your new system. This includes migrating employee and fund details. Seek Professional Advice: Consult with your accountant or bookkeeper to ensure your chosen solution is compliant and correctly implemented.
