3 Quick Tips to Help Your Clients Get Organised for EOFY

May 30, 2019 Dylan Burgess

End of Financial Year 2019 Australia

As you’re likely already aware, End of Financial Year (EOFY) in Australia is quickly approaching!

EOFY can be a hectic time of year for both advisors and their clients, which is why it’s important to help clients get organised. Moreover, EOFY is a great opportunity to step into the advisor role and help your clients plan for next year.

To provide a few quick and effective tips to help your clients get organised for EOFY, we reached out to Steph Hinds, Head Ninja at Growthwise (an advisory firm based in Newcastle, NSW).

Read Steph’s expert tips below!

1. Give plenty of notice

With 30 June less than one month away, if you haven’t already been in communication with your clients about their responsibilities for EOFY, it’s time to start!

According to Steph:

Steph Hinds“Give your clients plenty of notice for what they need to do before 30 June. The more detailed you are, the better – for example, if clients need to do a stocktake, let them know now.”

A great way to communicate with your clients about their urgent EOFY responsibilities is by providing them with a straightforward checklist of items to be completed. Consider including any to-dos pertaining to:

  • Record keeping and compliance
  • Tax planning (and understanding all applicable tax changes and obligations)
  • Conducting a stocktake
  • Reviewing debtors and creditors
  • Business review and planning

Communicating the value of completing these tasks – i.e., how this will help their business, and how it can help you provide them with the insights they need to achieve their business goals – can help to drive urgency.

Check out the Australian Government’s list of Essential Tasks at End of Financial Year for small businesses for more ideas regarding what to include and communicate with your clients.

2. Talk about next year

While EOFY is a good time to review the business’ performance during the previous year, it’s also a great opportunity to talk about the upcoming year.

Steph recommends asking a couple of key questions:

Steph Hinds“Talk to them about next year. What do you want to do for them? What do they want you to do for them? If they need to start lodging Single Touch Payroll, get them organised now, not on 30 June.”

Single Touch Payroll (STP) is becoming a requirement for all employers in Australia from 1 July 2019. As an advisor, you have the opportunity to help your clients get ready for the change in reporting requirements. If they don’t have a great no-cost or low-cost STP solution, the ATO has done the work for you and you can find a list of solutions here.

For accounting and bookkeeping practices who are hesitant about stepping into advisory, helping with the transition to STP, as well as asking key questions like Steph recommends, will help position you as a valuable business partner.

Ensure you’re booking time with clients to have these important conversations!

3. Help clients set a budget

In addition to understanding your clients’ goals for next year (and how you can help them get there), start to put those goals into action.

One way to get started is to help them set a budget – as Steph points out, you’re in a great position to do so as their advisor:

Steph Hinds“Help them set a budget for 2020. A lot of clients don’t know how to set a really detailed budget and now is the perfect time to sit down with them, work out their goals for next year, and build that into a budget.”

EOFY is a busy time for both advisors and clients, and it can have a significant impact on the client-advisor relationship.

Helping clients get organised and prepare for the upcoming year will help to strengthen your relationship and enable clients to better understand the value you provide to their business. The more you can help business owners accomplish their goals and spend time doing the work they love, the better your relationship will be!

For more information on how to prepare for EOFY, check out Xero’s EOFY resource centre

Learn more about some of the recommended steps to take to set your practice up for advisory success! Download our Pre-Advisory Checklist today.


About the Author

Dylan Burgess

Dylan Burgess is Hubdoc's Head of Customer Experience in Australia.

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