It’s hard to believe, but the end of the financial year (31 March) is just around the corner.
This is one of those key moments in the business calendar where a little preparation now can save stress, time, and money later.
To ensure we achieve the best possible result for your business, here’s a practical EOFY checklist to work through before balance date.
1️⃣ Review Your Asset Register (Very Important)
➤ Have you disposed of any assets?
Have you sold, scrapped, upgraded, or traded in:
Vehicles
Laptops or IT equipment
Tools or machinery
Office furniture
We need to know so we can correctly remove them from your depreciation schedule and calculate any profit or loss on disposal.
Leaving old assets sitting in your register can distort your financial statements.
➤ Have you purchased any new assets?
Now is also the time to record details of any new assets purchased during the year.
Please make sure you have:
Purchase invoices
Date of purchase
Cost (including GST if applicable)
Finance agreements (if funded)
Trade-in details (if applicable)
Correctly recording new assets ensures:
You claim the right depreciation
Finance is recorded properly
Your balance sheet reflects reality
This is an area where small errors can create big differences over time — so accuracy matters.
2️⃣ Write Off Any Bad Debts
Review your aged receivables carefully.
If there are invoices you genuinely know won’t be paid, they must be physically written off in your accounting system before 31 March to claim a tax deduction.
Simply leaving them outstanding does not qualify for a deduction.
If you’re unsure how to process a write-off in Xero, just ask.
3️⃣ Complete All Invoicing
Have you invoiced all work completed up to 31 March?
If the work is done, it should be invoiced.
This ensures:
Your income is recorded in the correct year
Your financial performance reflects reality
You start the new year with clean books
It’s also a good time to:
Follow up overdue invoices
Clean up small balances
Confirm customer details
4️⃣ Complete a Physical Stock Take
If you carry stock, you must complete a stocktake at 31 March.
This means:
Physically counting inventory
Identifying obsolete or slow-moving items
Valuing stock correctly (cost or market value — whichever is lower)
Stock valuations directly impact your reported profit. Accuracy here is critical.
5️⃣ Review Work in Progress (WIP)
If you operate in trades, construction, manufacturing, or professional services, consider jobs that are partially complete at year end.
You may need to:
Calculate percentage of completion
Value materials used
Assess labour invested
Separate unbilled WIP from invoiced work
This ensures your financial statements reflect the true performance of your business.
6️⃣ Collate Important Documentation
Start gathering:
Loan statements as at 31 March
Hire purchase and finance agreements
Details of any new borrowings
Insurance claim documentation
Major repairs or unusual expenses
Home office details (if applicable)
PAYE and KiwiSaver reconciliations
Well-prepared information makes your annual accounts process smoother — and more cost-effective.
7️⃣ Reconcile and Clean Up
Before 31 March, check:
Bank accounts reconciled
GST up to date
Credit cards reconciled
Suspense accounts cleared
Payroll finalised
Messy accounts take longer to fix and can increase compliance costs.
Think of EOFY as a Reset
The end of the financial year isn’t just about tax.
It’s a chance to:
Clean up your systems
Claim what you’re entitled to
Get clarity on your numbers
Start the new year in control
If you’re unsure how to process any of the above in Xero or your accounting software, please reach out.
We would much rather answer a quick question now than untangle something later.
Let’s finish the year strong.
