As we approach the end of the financial year (EOFY), it’s essential to ensure that your business is prepared for the transition. The EOFY 2023 period can be a daunting time for businesses, with a rush to reconcile accounts, review finances, and ensure compliance with the ATO. Luckily, using Sybiz makes these EOFY procedures easier. In this guide, we’ll take you through the Sybiz EOFY 2023 checklist to help your business maximise its financial opportunities and remain compliant. Let’s get started. 

Navigating Finances at EOFY 2023 

Your financial health is the backbone of your business. Here’s how to ensure it’s robust: 

• Review your Balance Sheet and Trading Profit & Loss statement. 
• Reconcile your accounts receivable, accounts payable, bank accounts, and loans. 
• Review your aged receivables and write off any bad-debts. 
• Ensure your GST account reconciles to your latest business activity statement (BAS). 
• Keep track of your superannuation obligations and ensure you’re meeting the payment deadlines. 
• Reconcile the PAYG withholding amounts at year end with your payroll records. 
• Ensure your financial records comply with Australian law .  

Managing Salaries, Awards, and Payroll 

Correctly managing salaries and payroll is key to keeping your employees happy and your business running smoothly: 

• Record all staff payments by the end of June. 
• Ensure Superannuation Influence is recorded for employees where it applies. 
• Provide your employees with their PAYG summaries by July 14. 
• Complete your STP ‘Employment Income Statement’ submission before the first pay of the new year and prior to July 14th. 
• Check if your business needs to lodge a Taxable Payments Annual Report (TPAR) by 28 August. 
• Ensure that all staff salaries are in line with the appropriate awards and statutory requirements. 
• Make sure your actual payroll transactions match with what is recorded in your payroll software. 
• Update the tax scales before the first payment of the next financial year. 
• Check that the correct super contribution applies to all staff. The current Superannuation Guarantee Rate is 11% from July 1st 2023. 
• Consider paying additional superannuation by 25th June to claim a tax deduction. 
• Your super guarantee payment for the quarter ending June 30th must be paid to your clearing house by the end of July . 

Inventory Checks 

Performing a stock take of your inventory can help identify obsolete or damaged goods that can be written off as tax deductions:

• Conduct a stock take of your inventory and equipment to determine the closing value. 
• Record any adjustments identified in the stock take, including description, location, quantity, and damage/obsolescence as of 30 June and reflect these in the accounts . 

Preparing for Your Accountant 

If an external accountant prepares your annual Company Tax Return, they may require several reports and a backup of your data as at the end of the financial year:

• Provide necessary reports such as Trial Balance, Balance Sheet, Trading Profit & Loss, Aged Trade Debtors, Aged Trade Creditors, Inventory Stock Value, Job Work In Progress, Asset Purchases & Disposals, Depreciation Schedule, Payroll Financial Summary for all Staff, details of any internal or external loans, details of any purchase or disposal of investments, and details of any R&D claims. 
• Check with your accountant if any additional reports are required . 

EOFY Submissions 

Filing the necessary submissions is critical to ensure compliance: 

• File your income tax return (check with your tax advisor for the due date). 
• Submit your STP Employment Income Statement. 
• Submit your Business Activity Statement (annual/quarterly). 
• Submit your ASIC annual report. 
• Submit your fringe benefits tax return  

Maintaining Software & Systems 

In the digital age, it’s important to keep your software systems up-to-date:

• Ensure that your business is using the latest version of all necessary software. 
• Check that all your licenses are paid for. 
• Single Touch Payroll is now mandatory for all businesses. 
• Make sure you have a secure IT infrastructure in place with back-ups of all important information. 
• Consider investing in new software systems for your business. EOFY is a great time to take advantage of deals and save money on both the software system and its implementation. Another reason is the instant asset write-off and/or Temporary Full Expensing.  

Ensuring Privacy and Data Security 

Businesses bear a significant responsibility for the privacy and security of their data:

• Ensure secure firewalls, strong passwords on all private data with suitable password policies, and adequate virus and malware protection. 
• Take all reasonable steps to protect private information . 

Charting Your Course for the Upcoming Fiscal Year 

EOFY is also a time to reassess and plan for the future: 

• Assess your business’s performance this financial year and identify areas for improvement. 
• Plan your cash flow for the upcoming year. 
• Reassess your insurance policies and ensure they are still adequate for your business .  

There you have it – your comprehensive guide to EOFY 2023 procedures on Sybiz. With this checklist in hand, you’re well-prepared to navigate the end of the financial year with confidence and success.

However, we understand that navigating through these EOFY procedures can be complex, and you might require expert assistance. Our credible Sybiz Vision and Visipay ERP consultants can support you through your EOFY procedures on the Sybiz software system. We’re here to ensure you stay compliant and maximise your financial opportunities.

Don’t navigate the EOFY 2023 alone, let us assist you. Book a one-on-one consultation today for expert guidance and ensure a smooth transition into the new fiscal year. 

Acknowledgment: This comprehensive guide to Sybiz Software EOFY 2023 Procedures was made possible through the valuable insights and resources provided by Commercial Plus.