Top Tips for Bookkeeper's for a Stress-Free EOFY

It goes without saying that EOFY can be a highly stressful time for Bookkeepers.  It's a drawn-out process consisting of multiple deadlines, a lot of responsibility to ensure that client obligations are met to keep them compliant with the relevant bodies, and you’re often reliant on third parties for correct and timely information. 

For many, it represents long hours, weekend work, and sacrificing valuable family time. For those with only a small (or no) team to lean on, it can be particularly difficult to manage the demands of EOFY with the day-to-day activities.  

I’m very mindful of the rising level of anxiety and overwhelm that can trickle through the industry at this time of year. It is certainly a time when we need to take a collective breath, support each other, and be aware of the impact on everyone. 

I have to admit, it took me a few years to get my EOFY ducks in a row. After more than a few 'never again' moments. I was sick of dragging myself to the finish line, feeling burnt out, overwhelmed and underappreciated.  

So, I took a step back and created an EOFY Survival Guide, with the processes, checklists and tips that would allow me to approach my next EOFY will a steely resolve. I then settled into a routine, and realised that while EOFY will always be a busy time of year, it doesn't have to come with a free serve of break-downs. 

The EOFY Early Bird 

My planning period starts at least 6 weeks prior to EOFY. I find there is also a natural lull in June - a few days or a week where things go a little quiet. I call this 'the calm before the storm', and it offers up some very valuable time that I have learnt to utilise wisely. 

Things to Start Early 

Client Communication 

• Email clients an EOFY Checklist outlining all requirements, tasks, and deadlines. You can use practice management systems or create a simple checklist. 
• Advise your clients that during a particular date range, you will be prioritising EOFY compliance requirements and working towards strict deadlines, and as such, non-urgent matters may not be attended to as promptly as usual.  

Education and Learning 

• Educate yourself and your team on any legislative, process or technological changes that may impact the EOFY processes. 
• Ensure your clients are aware of any new requirements or processes well in advance, and include these on the EOFY Client Checklist. 
• If your clients or team need to skill up on a specific task, now is the time. 

Reconciliations  

• I recommend reconciling payroll and BAS on a monthly basis (or at least quarterly), though if you have a backlog, get Q1 – Q3 reconciled and resolved now (or even things done up to the end of May), so that you only have Q4 to complete come EOFY. Review and resolve any other data sources that can be broken down into monthly or quarterly blocks. 
• Have all payroll reconciliations complete at the end of May, this includes Superannuation, Payroll Tax, PAYGW  and STP, so by the time we tick over to 1 July, you only have June to deal with. 

Audits  

• If any clients require audits in July or August, start the prep work now.  Include client requirements in the Client EOFY Checklist, so they can also get a head start. Use the prior year’s Auditor’s Checklist as a guide. 

Team Planning 

• Book a planning session with your team to review workflows, assign tasks and set deadlines.  
• Be methodical. If you're using a workflow management system, utilise its full capabilities. If not, create a manual checklist and work your way through.  
• Celebrate the wins and keep everyone motivated. Tick off each completed task and celebrate milestones. 

It’s OK to say NO 

Set Expectations 

EOFY is a busy and critical period, though not everyone understands this. 

There will always be clients, and even team members, who feel their request should be top of the list, regardless of its actual level of importance, urgency or priority. 

It's important to set expectations early by communicating early. Let them know that during a specific time period, you will be prioritising EOFY compliance requirements, and unfortunately may not be able to attend to less-critical work immediately.  

Organise Your Communications Systems 

Take some time to organise your communication flows and utilise system functionality (you may be able to control more than you think!). Some basics to start with: 

• Set email 'out of office' replies and rules. 
• Automate workflows  
• Update your voicemail and SMS/text responses.  
• Social Media - plan out as much social media content as you can in advance.  

Setting expectations and organising your communication channels can alleviate a lot of pressure. Even if you do check your channels regularly, you won't feel like you need to respond immediately. 

Master Efficient Workflows 

Remove Bottlenecks 

If you're a bit top heavy with Quarterly clients, you may experience bottlenecks during the deadline periods.  

Now is a good time to consider moving, at least some, to Monthly to remove bottlenecks, increase efficiency and productivity, reduce the risk of human error, smooth over your billing, decrease your risk of underbilling (as you're charging for the hours it actually takes to complete a task thoroughly, rather than at deadline-cramming-bottleneck hyper-speed), and create a more consistent, enjoyable working rhythm for you and the team. 

TIP:  When it comes to the STP Finalisation Authority that you send to your clients, why not also include the Annual Declaration as part of the same document! Two Birds…One Stone… 

Embrace Technology  

There are so many great systems out there that can help streamline your processes and build efficiencies in your workflows. Here are a few: 

• Dext or HubDoc are a great place to start and will help remove manual data entry.  
• Workflow Management System such as Karbon, ClickUp, Xbert or XPM will help manage EOFY immensely, especially once you have a number of clients and a team to manage.  
• Products such as PandaDoc, Ignition or GovReports are great for document management and online signature collection.  

Review your Capacity 

If you're finding that no matter how organised you are, you're struggling to keep your head above water - it’s likely you have a capacity issue.  

A few tips when it comes to capacity:  

• If you want to grow your team – don’t leave it too late to employ, as you may have serviceability issues if taking on new clients.  
• If you don’t want to grow your team, you may need to reduce the number of clients you have so you can find balance.  
• Don’t take on new clients if you are already struggling.  
• If you do take on new clients, consider End of Period workflows (BAS time and EOFY) and ensure that you are not taking on more than you can chew.  
• Be realistic about your capacity and abilities. Knowing your limits is a strength. 
• Figure out how you can build efficiencies through automations and systems. 
• Know where to find support. A sounding board, advisor, or mentor is a valuable commodity.  

Look After Yourself 

It's really important to look after yourself, and your team.  

Mind 

• Schedule a “time out” into your calendar each day - go for a quick walk, grab a cup of tea - whatever brings you a moment in which you can realign and reset.  
• Take a proper lunch break. 
• If you respond well to tools such as meditation, positive affirmations or other means of relaxation (reading, drawing, stretching), incorporate these into your day. Apps such as Calm, and Headspace are worth looking at. 

Body 

• Keep your body properly resourced - balanced diet, healthy snacks at the ready. 
• Stay hydrated. 
• Watch your caffeine and alcohol levels.  
• Keep your exercise routine going.  
• Move throughout the day.  

Soul 

• Book yourself in for a reward.  

• Say thank you. Tell the people around you that you appreciate them, and why. And tell yourself while you're at it!  
• Engage your senses. Touch, Smell, See, Taste, Hear - the ability to be present in the moment is a really powerful tool when it comes to de-stressing.  

Keep a close eye on your Team- the above applies to them too. 

Finally, if you are not coping….  

This is the most important tip of all….  

If you feel you are not coping (with EOFY or anything else):  

• Reach out to others in the industry -  we understand what you are going through. 
• Communicate with your friends and family so they understand what you are experiencing. 
• Don’t be afraid to ask for help - whether that's seeking professional support, getting someone to help with dinner or fold the washing, or just having someone beside you for morale support, it's important to know that you're not alone. 
• If you would like professional assistance, contact your GP or health care professional, or utilise one of the many help-line services available.