EOFY Is Here – But Are Your Internals in Order?
As your accountant gears up for their version of New Year’s Eve (the End of Financial Year a.k.a EOFY) there's another side of the equation that often gets overlooked: the internal finance lens.
Because let me tell you, EOFY isn’t just a tax moment. It’s a business moment.
At CFO Dynamics, we treat EOFY as a strategic checkpoint. Not just about tax savings, but about clarity, momentum, and making sure you're stepping into the new year without financial blind spots. Let me give you the CFO’s perspective on how to nail EOFY 2025.
→ Clean Up Before You Close Off
→ Reality Check on Liabilities
→ Have a Budget Before July 1 Hits
→ What to Do Before You Commit
→In Summary
Clean Up Before You Close Off
EOFY isn't just about looking forward, it's also about making sure the past 12 months are clean.
If you've had regular monthly checks throughout the year (like we do with our clients), your EOFY prep is a breeze, you're really only checking June. But if it’s been a while since anyone did a deep dive on your numbers, now’s the time.
Start with the Balance Sheet – Is everything listed actually real?
Are assets truly assets? If there are dodgy debtors who won’t pay, write them off.
Is stock accurately valued? Would someone buy it for that dollar amount?
Any fixed assets sitting there that are worth zilch? Write them down to nil.
Why? Because inflated asset values mean inflated tax bills. Simple.
Your tax accountant can’t make those calls for you. They’re not close enough to the day-to-day. That’s the CFO’s job (even if you’re wearing that hat yourself right now).
Reality Check on Liabilities
This one’s easier.
If you’ve been doing regular reviews, every liability on the books should be something you actually owe. If you haven’t been reviewing? It’s time to make sure nothing snuck in that doesn’t belong there.
EOFY is the reset button. Don’t carry someone else’s mistakes forward.
Have a Budget Before July 1 Hits
You wouldn’t start a road trip without a map. So why start a financial year without a plan?
By the time EOFY ticks over, your budget and financial goals for FY26 should already be locked and loaded.
Sit down with your team, line managers, department heads, the whole crew, and figure out what you want to achieve in the next 12 months. Then put numbers behind it.
That way, when July 1 hits, your team doesn’t just limp into the new year. They launch into it with a full head of steam.
In Summary
Yes, listen to your tax accountant, they’re essential.
But also check your internal financials. Review assets, clear liabilities, and build a budget.
Start July with clean data and a clear direction.
EOFY isn’t just about the past year. It’s your launchpad for the next one.
Subscribe to our newsletter
For more tips on increasing revenue and profitability, sign up to our newsletter for business owners, leaders, and finance team managers. Each week, you'll get practical, no-fluff tips and insights in short, easy videos. No corporate jargon, no time wasting. Sign up now.
