It’s that time of year: everything is due, stress is through the roof, and the clock is ticking. End of financial year. There are many things you can do to deal with the stress that you are facing, but the most practical thing you can probably do is get the tasks that you need to get through completed. So what is the best way to survive EOFY storm? Here are some practical tips to get you through this busy season.
Ensure all details are correct
As you work through the paperwork for EOFY, you’re bound to find inefficiencies which are having an impact on you during the busy season. Little details such as change of personnel or different trading names can really have an impact on paperwork accuracy. It’s a little too late at the moment to tackle these issues for the current financial year, but it’s a good time to note these issues so that you can prevent them from repeating themselves in the next financial year. You may possibly like to bring in an independent contractor to ensure that all these details are correct in the next financial year to make future EOFYs much less stressful.
Make an early start
Of course, we’re heading into crunch time now, so it’s possibly too late to make an early start right now. And, if you haven’t started on you EOFY paperwork as yet, you should probably get on that. For the next financial year, the best time to start preparing is at the beginning of the financial year. It’s also worthwhile considering whether your current staff profile have enough resources to manage their current work plus preparation of tax returns. If there is any concern that your team may be overworked, you should consider some short-term relief in the form of a contractor, and in the future, think about whether you have the resources to hire additional staff.
Organisation is key
Making plans to tackle EOFY time is the most effective way to deal with the mountain of paperwork to prepare. Ensuring that your team has all the resources it requires, researching changes to tax law ahead of time, and drafting calendars to ensure all tasks are completed expediently.
Ensure you back up
This may seem obvious, but if you’re not doing so already, all data should be saved in multiple locations. A loss of data becomes a huge set back at crunch time, and you really can’t afford to lose data due to technical errors. This should ideally be occurring regularly at all times through the year
Reviewing EOFY for the next year coming
Once you make it through this storm, ensure you take the time to review your progress through the recent EOFY period. Acquire feedback through meetings, survey staff or even just informally talk to your employees to gauge how effectively the EOFY tasks progressed and ask them to describe any areas where improvement may be made for future years. A contractor will be able to provide an objective review of the company functioning and will provide expert perspective on how to make next year more efficient. If you have hired a contractor, ensure the contract extends past EOFY so they can perform this function.