Every year when June arrives to chill our fingertips, there’s one F-bomb that takes over every Australian office. This F-bomb is the word “financials.” For those who aren’t already starting to feel the strain of the End of Financial Year (EOFY). It’s June. You should start.
Irrespective of our role responsibilities, the cyclone known as “GST” will ultimately disrupt all of our daily office duties with its gale force devastation of receivables, balances and assessments.
But don’t sigh another receipt induced frown, because I’ve created a 3-step remedy to rid your office of the end of financial year symptoms.
Step 1: Delegate It
Completing your company’s end of financial year obligations is a collective project. Even if the financials aren’t in your job description, you’ll no doubt have to assist others to gather all information and take on extra workloads. That’s why it’s essential that you delegate where possible. After all, you don’t want your existing workload to be compromised by the weight of EOFY.
Step 2: Timeline It
The end of financial year will have a significant impact on your workplace’s productivity. To avoid losing money due to lack of output, timeline all deadlines and responsibilities. Once this blueprint is mapped out, make it visible in your office and keep everyone accountable.
Step 3: Modernise It
We’re living in 2017 not 1997 and there’s a wealth of accounting software that will make the end of financial year process easier for you. Seek the software that will benefit you the best, tailor it to your internal systems and make sure all relevant team members know how to use it. Making your EOFY more efficient, by simplifying transaction and data entry will ensure everyone in your office can focus on their other more important role responsibilities.
Ultimately, the end of financial year is like a nasty flu that plagues Australian offices for the 30 days of June. But if you tackle this virus head on with a structured plan, you will keep the workplace accountable. The champagne, once the task is completed, will taste so much sweeter!