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Those who properly prepare can set themselves up for positive cash flow into the new financial year.
Valiant Finance co-founder Alex Molloy urged SMEs to get finances in order and provided five key considerations that should be addressed before EOFY:
1. Reconcile accounts
“Reconcile your accounts immediately to ensure every transaction is recorded and your tax return is accurate. This isn’t just about compliance, messy books cost you money and increase audit risk,” said Molloy.
2. Maximise deductions
“Many SMBs leave thousands on the table simply because they haven’t kept proper records. Vehicle costs, travel, tools, machinery, marketing – if it’s business-related, claim it,” Molloy said.
“You need records to back it up. For home office or car expenses, you’ll need up to date logbooks and bills to support your claims.”
3. Make strategic asset purchases
“This could slash your taxable income and improve cash flow heading into FY26. But you must act now as assets need to be installed or ready to use before the new financial year starts. Double-check eligibility with your accountant and consider the long-term ROI of any major investment,” Molloy said.
4. Secure cash flow support
“EOFY creates cash flow pressure as expenses pile up and customer payments slow. Don’t drain your reserves or fall behind on obligations,” Molloy said.
5. Boost superannuation contributions
“If you’re earning $100,000+, additional super contributions can deliver immediate tax savings while building long-term wealth. This one you’ll need to take action on ASAP because it takes time for funds to clear,” he said.
Smart business owners should be proactive in managing finances before the new financial year kicks in.
According to Molloy, it isn’t too late. Get on the front foot now and save a headache later.
“If you’ve been putting off getting your finances sorted, it’s not too late. There are still concrete steps businesses can take this weekend and in the coming days to optimise their financial position before EOFY,” Molloy said.
[Related: Finance Specialist: It’s time to get EOFY-ready]
