This is What June Looks Like in My Bookkeeping Practice

Effective End of Financial Year planning is crucial for Bookkeepers wanting to get through the busy-season with optimal efficiency and minimal stress.

In the Academy, we have an entire module dedicated to the process, though I thought I would share a quick snapshot of what what June looks like in my own practice.

WEEK 1-2

Client Scheduling / Workflow Planning:

• Review all clients to map out workflow in order of priority.
• Identify any client whose EOFY Payroll Reconciliations can commence before 1 July, (reducing the bottleneck for STP Lodgement Due Dates)
• Create a detailed workflow plan, outlining each step and deadline for each client.
• If you have a team, involve them in the planning process to ensure everyone is on the same page.
• Assign specific clients and tasks to team members based on their skillsets and capacity, ensuring an even spread of work across the team.
• Ensure all team members understand their responsibilities, deadlines, and the overall timeline.

Create Client Checklists:

• Develop comprehensive checklists for each client, specifying the documents and information needed for EOFY.
• Customise checklists to cater to the unique requirements of different clients.
• Inform clients about key due dates and their obligations in the EOFY process.
• Explain the critical role they play in helping you meet their compliance deadlines.
• Provide clear due dates for any information or documents you need from them.

WEEK 2-3

Education and Training:

• Update yourself and your team on upcoming changes to awards, superannuation, and any other legislation changes affecting payroll, bookkeeping, and BAS Agent responsibilities.
• Subscribe to updates from industry bodies to stay informed about any last-minute changes.
• Schedule any necessary EOFY webinars or professional development sessions.
• If you have a team, make sure they are also registered for these training opportunities, or, arrange your own in-house team training sessions.
• Review the EOFY Single Touch Payroll (STP) process thoroughly as a refresher.
• Conduct refresher training sessions for your team, especially for any new members who may not have been through an EOFY before now.
• Perform a dry run with a client and record the session to create a useful training resource.
• Ensure everyone understands the steps involved in reconciliations and finalisations.

Finalise Current Year Work:

• Aim to finalise client work up to the end of May wherever possible to alleviate the July workload and reduce bottleneck, leaving only June to work through during the busy period.
• If you have quarterly clients, request April and May data in early June, so you can bring as much as possible up to date before 1 July.
• Commence Reconciliations: Complete all necessary BAS and payroll reconciliations ahead of time, ideally to at least the end of May.
• Clear suspense accounts and address any outstanding matters/issues with clients now to avoid having to deal with them during the busy period.

WEEK 3-4

Final Preparations:

• Set Up Work Papers: Prepare standardised work paper templates and set up EOFY client folders for each client in advance.
• Begin the finalisation process for clients who have completed their last pay runs for the year. This means if no further changes are made up to June 30, you are able to complete the process in a timely manner once 1 July rolls around.
• Review and update where needed workflows for the first two weeks of July based on the outcomes from June.
• Take note of issues/manual tasks and bottlenecks, so you can make any necessary adjustments to improve efficiency for the next EOFY.
• Rest and Prepare: Allocate time for you and your team to rest and recharge in the final days of June in preparation for the busiest time of the year.
• Encourage a positive mindset and mental preparedness for the intensive EOFY period.
• Plan a reward/outing for the Team, so there is something to look forward to once EOFY season is finished.