For many small business owners, the end of financial year is both a crunch time and an opportunity. Closing out the books properly isn’t just about meeting compliance — it sets you up for a smoother new year, better decision-making and less stress. At KDC Accounting, we see the same handful of items slipping through the cracks each year. Here are the top five things we see being forgotten — and exactly how we help fix them.
1. Reconciling all bank, credit-card and loan accounts
One of the most common issues we find is incomplete reconciliations. Everything might look in order at first glance, but if you’ve left a credit card, loan account or other bank feed unreconciled, your profit & loss numbers, cash-flow position and tax calculations may all be off.
How we fix it:
- We help you run a full reconciliation of every transaction account up to 30 June — not just your main bank account.
- We flag any uncleared items, incorrect entries or mismatches and work with you to clear them.
- We leave you with clear steps to follow next year, so this process becomes second nature.
By getting your reconciliations done early, you avoid nasty surprises, you know your tax position is based on real numbers — and you’re ready for lodgement without last-minute panic.
2. Properly capturing owner/director drawings and business vs personal expenses
Small business owners often mix personal and business transactions or forget to record drawings correctly. That can distort both the tax return and the business’s health: cash gets used, profit appears higher than it really is, or you miss deductible business expenses because they’re incorrectly coded.
How we fix it:
- We review your bank feeds and transactions and separate “owner/director drawings” from genuine business expenses.
- We ensure personal expenses haven’t sneaked into the business ledger (or if they have, we properly adjust for them).
- We set up clear categories for next year: owner drawings, business expenses, reimbursables, etc.
- We walk you through how this impacts your profit, your tax, and your decision-making.
Final result: your business numbers reflect reality, you don’t overstate profits or under-report drawings, and you’re in good shape for lodgement.
3. Forgotten or incorrectly captured receipts and expenses
It’s common: receipts piled up in a folder, photos of expenses still on someone’s phone, or invoices never forwarded to the bookkeeper. When these go missing, your expense tallies, tax deductions and cash-flow picture all get fuzzy.
How we fix it:
- We help you set up a simple, practical system: photo uploads, shared cloud folders and gentle submission reminders.
- We monitor the “missing receipts” list and follow up with you or your team before deadlines hit.
- We find the gaps, code them correctly and make sure they’re entered into your books accurately.
The result? Your EOFY numbers reflect the real story of your business — clear, complete and tax-ready.
4. Payroll and superannuation issues lurking in the background
Payroll, superannuation and employee entitlements can be a major hidden risk if they’re not managed properly. Late super payments, incorrect staff classifications, or under-reporting via your payroll system can trigger compliance headaches with the Australian Taxation Office (ATO).
How we fix it:
- We review your payroll system, pay runs, staff entitlements and superannuation payments up to year-end.
- We check that all super guarantee (SG) obligations are met, that payments were received by the funds in time for them to be deductible, and that records match your STP (Single Touch Payroll) submissions.
- We check for any mis-classified workers (contractor vs employee), errors in leave accruals or payroll tax exposure.
Getting payroll and super locked in early protects you from late lodgement penalties, ensures your staff’s year-end statements align and gives you peace of mind.
5. Business structure and planning review
Many small business owners forget to use EOFY as a strategic moment to review their business structure, tax planning, owners’ remuneration strategies, and future growth plans. And yet, this is one of the most valuable things you can do.
How we fix it:
- We review your current business structure (sole trader, company, trust etc) and assess whether it still fits your goals, size and risk profile.
- We look at owners’/directors’ remuneration, profit-extraction strategies, tax implications and future year planning.
- We identify opportunities: e.g., re-structuring, leveraging small business tax concessions, timing of income/expenses, getting ready for growth, succession planning.
- We put key action items in place now: so you’re set for the new financial year and beyond.
When you treat EOFY not just as “closing the books” but as a launching pad for the next year, you’re playing the long game — setting your business up for smarter growth, better tax outcomes, and stronger financial health.
Final word
The EOFY will be here sooner than it feels — and while there are plenty of things on your plate as a business owner, getting these five areas right can save you time, money and stress. At KDC Accounting, we’re ready to walk you through each step so your EOFY is more “done & covered” than “last-minute scramble”.
Want help? Get in touch and let us guide you through the process, make sure nothing’s missed, and set you on the front foot for the year ahead.