The EOFY has arrived - here are 6 things to do!

The end of financial year is approaching, with the new year beginning on Apr 1, 2025. Local businesses, big and small, will be finding themselves in similar situations: reviewing their budgets while trying to finish the year on the right foot. The EOFY cash flow review is a challenge for any business, from covering tax obligations to ensuring your working capital will help you start the new year on a positive note. 

There are 6 things you can do to close off the financial year with as few bumps as possible and establish a foundation for success in the new year. 

1. Consider the Minimum Wage Increase

The government has announced an increase in the minimum wage from  $23.15 to $23.50 from April 1. There will also be an increase in starting-out and training minimum wage from $18.52 to $18.80 per hour. If you have any employees on minimum wage, it’s a good idea to check that your payroll processes are set up correctly for the change, and that your short term and medium term budgets are prepared for this increase in cost. 

2. Familiarise Yourself with the Finances

Now is the time to get familiar with your cash flow. Where is your money coming from, and where is it going? Check profit and loss statements and balance sheets to make sure you are familiar with all corners of your business finances. 

3. Organise Documents

It’s time to organise all your documents. Be sure to check with your accountant or tax professional before clicking submit so you have all the correct information. These are the documents you might need: 

• Financial statements
• Tax documents
• Business records
• Employee records
• Other supporting documents e.g. stocktake, expense claims, and dividends. 

4. Claim Deductions 

Any deduction you can claim will mean you can keep more money. Be sure to maximise all the deductions you are entitled to such as office equipment and business travel. Check with an accountant to identify your deductions. 

5. Chase Invoices

Do you have any invoices outstanding? It can be uncomfortable chasing these up, but even more so when you’re missing funds. It might help to consider incentives for early payments and/ or late payment penalties. 

6. Take Advantage of EOFY Deals

Many suppliers and retailers offer EOFY deals and discounts. So this is the perfect time to upgrade and stock up on new equipment and supplies. You can make great savings and prepare your team to thrive with a range of new goodies. Just don’t forget to track the items you order for next year. 

7. Don’t Forget to Compare Bills!

It’s time to compare your business bills - especially your business broadband. Here at NZ Compare, we can help you compare business broadband plans to find the right deal for your business and team’s broadband needs. Simply jump on the platform, and compare the options available to you, side-by-side, so you can find the one that ticks all your boxes, and offers you the best value for money. 

Compare Business Broadband