Surviving EOFY

EOFY can be a highly stressful time for Bookkeepers and Accountants.? It's a drawn-out process consisting of multiple deadlines and a lot of responsibility to ensure that clients’ reporting obligations and deadlines are met, and you’re often relying 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 challenging to manage the demands of EOFY with the day- to-day activities.

As I head into my 23rd EOFY running my bookkeeping practice, I’m feeling pretty confident that the systems and processes that I have built into my business (after experiencing more than a few 'never again' moments in years gone by), are going to be invaluable to me, my team and my clients.

Don’t get me wrong, it’s still going to be busy...but I definitely feel much more “in control” these days compared to the feelings of overwhelm and anxiety that I have experienced in the past.

This month I am sharing a series of guides, checklists, and templates exclusively with my Bookwiz Academy members to help them achieve a stress-free EOFY, but, I thought I would provide everyone here a few of my top tips as well.

The EOFY Early Bird

My planning period starts now! The more you can have done before June 30, the less will need to be done when you are on the doorstep of those relentless lodgement deadlines over July and August.

Things to Start Early

Client Communication & Planning

• Email clients an EOFY Checklist (early June) outlining what you will need from them and letting them know what to expect over the coming weeks. If you need to, (for those larger clients), book a planning session with them.
• Advise your clients that during the EOFY lodgement period, you will be prioritising EOFY work 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 in the EOFY Client Checklist.
• If your clients or team need to skill up, now is the time.

Reconciliations

• I recommend always reconciling payroll and BAS on a monthly/quarterly basis, though if you have a backlog, get Q1 – Q3 reconciled and any loose ends resolved now, so that you only have Q4 to complete come EOFY, or even better, reconcile everything to the end of May so come 1 July you only have June to worry about.
• Keep on top of all other reconciliations, so you don’t end up with a bottleneck or back-log in July.

Team Planning

• Book a planning session with your team to review clients and start scheduling EOFY client work.
• Create a methodical workflow for everyone to work from. If you are using a workflow management system, utilise its full capabilities. If not, create a manual checklist or spreadsheet that maps out what everyone is doing (or just for yourself if you don’t have a team) as this will help you stay in control.

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 take the 'drop everything' approach to asking for assistance.

Regardless of how much you have on your plate, they feel their request should be top of the list. Setting expectations, communicating well, and organising your communication channels (including social media channels), can alleviate a lot of pressure.

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 as many as possible to a monthly service to remove bottlenecks, increase efficiency, reduce the risk of human error, smooth over your billing, decrease your risk of underbilling if you still charge the by hour (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.

Embrace Technology

There are so many great systems out there that can help streamline your processes and create efficiencies. If you are yet to get on board with automation and AI tools, I highly recommend you start to look at introducing some into your business.

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 so important to look after yourself, and your team. Mental health and well-being should always be the main priority. 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.

FREE EOFY Planning Webinar

Join me on 23 May for my free annual webinar - The Bookkeeper's EOFY Survival Guide. Click here for more info and to register.