Steps to Get Your Business EOFY Ready

To ensure you’re prepared, consider the following:

• Check your record-keeping
  Make sure your accounts, receipts, and transactions are up to date and correctly recorded.
• Review your deductions
  Identify what business expenses you can claim to reduce your taxable income.
• Work with a registered tax agent
  Ensure your accountant or advisor is registered with Inland Revenue (IRD) and up to date with current legislation.
• Stay informed on tax changes
  Tax rules can change regularly — getting advice ensures you stay compliant.
• Review your finances
  Understand your current profit, cashflow, and tax position.
• Review your business strategy
  Consider whether your pricing, costs, and operations are still aligned with your goals.
• Review your business structure
  As your business grows, your current structure (sole trader, partnership, company) may need reassessing.
• Check your insurance cover
  Ensure your business and personal risks are appropriately covered in NZ (including ACC considerations).
• Back up your data
  Ensure all financial records are securely backed up and protected.

EOFY Tips to Optimise Your Accounts

As the financial year ends, here are some practical steps to take:

• Get your expenses organised
  Ensure all costs are recorded and allocated correctly.
• Follow up outstanding invoices
  Collecting what you’re owed improves your year-end position and cashflow.
• Gather your documentation
  Keep invoices, receipts, and statements ready for reporting and tax filing. Important to keep all receipts over $500, including insurance, motor vehicle, asset purchase, etc.
• Check key deadlines
  Missing IRD deadlines can result in penalties and interest. PKF can help you keep on to of deadlines.

Why Planning Ahead Matters

When running a business, your goal is to maximise income while managing costs effectively. Taking time to review your accounts before year-end allows you to:

• Reduce potential tax surprises
• Make informed decisions
• Stay compliant with IRD requirements
• Start the new financial year in a strong position

Need Support?

The end of the financial year can be a busy time, but you don’t have to manage it alone.

The team at PKF Bay of Islands can help you review your accounts, ensure everything is compliant, and identify opportunities to improve your financial position.

Get in touch with us today to take the stress out of EOFY and set your business up for the year ahead.