Why is it important to review financial records before EOFY?

EOFY reviews help identify errors, improve reporting accuracy, support compliance obligations, and ensure business decisions are based on reliable information.

How often should businesses reconcile their accounts?

Monthly reconciliations are generally considered best practice. They improve visibility over financial performance and make EOFY preparation significantly easier.

Can bookkeeping errors affect tax outcomes?

Yes. Inaccurate records can result in incorrect deductions, understated income, overstated expenses, and the need to amend lodged information.

Do small businesses need professional EOFY reviews?

Although not mandatory, independent reviews often uncover issues that internal teams may overlook and can identify valuable tax planning opportunities.

What records should businesses retain for EOFY?

Businesses should keep invoices, receipts, bank statements, payroll records, contracts, asset documentation, and any evidence supporting deductions or claims.