Engagement with their accountant during the course of the year can be very beneficial, as they can access strategic business and planning advice to help them become more profitable.
When asked about the most important steps business operators could take to prepare for EOFY, accountants ranked first “advise on any major transactions throughout the year as they happen (sale of land, shares etc.)” at 91 per cent. Second equal was “responding to requests for additional information in a timely manner” at 84 per cent and “clarity and consistency of information provided in support of their financial statement” at 84 per cent. Third was “ensure all documents sent through are labelled/organised”.
Top 5 mistakes made with EOFY statements
- Miscoding bank transactions 65 per cent, on par with last year's survey
- Not keeping accounts and records up-to-date throughout the year 58 per cent, slightly down from 62 per cent
- No contact with their accountant over the financial year 58 per cent, up from 42 per cent
- Does not provide enough detailed or supporting information 49 per cent, down from 64 per cent
- Not fully trained up on accounting software functionality 46 per cent, up from 39 per cent