9 simple steps to take before End of Financial Year

Editor’s Note: This article was reviewed and updated in June 2026 to provide the most relevant and accurate information.

Unlike many important things throughout the year, the End of the Financial Year is an unchangeable phenomenon that will continue as expected. At Kilimanjaro Consulting, we understand how important it is for your business to be prepared and to take the right steps during this critical time.  Below are 9 simple steps you can take to ease this process and enter the new year as a stronger business.

1. Forecast your Profits

If you are forecasting a profit for this Financial Year, be sure to plan well in advance to make purchases that could potentially reduce your tax liability. Speak to your accountant as there might be a chance to take advantage of write-offs, rebates, and deductions.

2. Plan for your stocktake

Many businesses will avoid the annual stocktake because of the hassle involved. However, the stocktake is crucial for verifying that your systems are functioning correctly. Think of it with the same importance as reconciling your bank accounts. If your system shows an inventory of $1 million and the actual stock count is $800,000, you have some investigating to do. What looks like a profit in your accounts may suddenly turn into a loss (or vice-versa) as you adjust your Cost of Goods account. Consider using a handheld scanning tool as part of a Warehouse Management System (WMS) to ease the pain of stocktaking. These tools can give you the insights you need to manage stock levels throughout the year, but can also be a necessary asset during stocktake time.

3. Make a system backup before rolling the month/year, and take a second backup immediately after rolling.

For MYOB Exo users, this gives you a “recovery point” in case you need it later in the year. Additionally, it gives you the ability to print out historical reports at any point in time. For example, when your accountant asks you in December for a stock valuation report as of 30th June, you can do this from your backup. Remember that retrospective stock valuation reports are usually inaccurate unless you run a FIFO system. Your accountant should also provide a backup copy to complete your tax returns. This is a good way to evaluate the backup data to ensure it is readable.

MYOB Acumatica users could achieve this same manual backup by extracting a snapshot tenant. However, you should make sure to delete this snapshot from your site once it is downloaded and stored, to avoid compromising system performance.

4. Consider other areas requiring End of Year attention

While the actual process of rolling MYOB Exo Business will set up a new financial year, the Analytics module requires a calendar to be set up independently.  A separate year-end is also required for the MYOB Exo Fixed Assets module.  It is also a good time to consider establishing and loading new budgets for the coming year. If you are using MYOB Exo Business 2018.1 or later, assets will automatically roll at the end of the year.

5. Print Reports.

Creating a folder on your file server called something like “2020/21 Financial Reports” is a good idea. Most systems have a built-in PDF writer, so instead of printing your reports to paper, be kind to the environment and print to PDF. Save your suite of reports in the folder. This will save you hours over the next year or two when your financial institutions ask you for copies of Profit and Loss statements and Balance Sheets. Simply attach them to an email and send them off when required.

6. Check in with new compliance requirements

The start of the financial year is a common time for the beginning of new financial and payroll compliance requirements. However, many of these new ways of operating can be announced months or years in the future, with long rollout times before they are enforced. The end of the financial year is a good time to check in with different departments and teams to see if they are affected by new regulations next financial year and have the resources and technology to support their new requirements.

For example, from the 1st of July 2026, superannuation for Australian-based employees must be paid at the same time as their wages or salary. This is called Payday Super, which was first announced in May of 2023, and legislation was first passed in November 2025. This long lead time means some businesses are under pressure to comply with these new requirements on the 1st of July.

7. Review your Chart of Accounts

If you plan to make any changes to your Chart of Accounts, the end of the financial year is a good time to do so. Speak to your ERP implementation partner to discuss the implications of comparative reports, such as “This Year / Last Year”.

8. Review your business processes

This is the ideal time to review your business processes and consider how technology can support your efficiency in the new year. A new system, process, or methodology can remove pain next year and simplify how you operate. You will be surprised at the rate of development in new software and how much it can help your business grow.

Start by defining your requirements and goals for evaluating and selecting a new technology system. For MYOB Exo users, rapid advancements in technology mean you have the choice of hosting MYOB Exo in the cloud or implementing a new AI-native, Software as a Service (SaaS) cloud ERP system in MYOB Acumatica.

9. Prepare a checklist

The end of the financial year is a busy period for most team members in your company. It is easy to forget about a step or procedure that will later cause issues.

Being prepared for the End of the Financial Year will allow your business to run efficiently through to the new financial year. Whether you are an MYOB Exo or MYOB Acumatica (formerly MYOB Advanced) user, we have got you covered. Register or sign up through the Training Portal to access your checklist now!

If you have any questions or need support this End of Financial Year, feel free to call us on 1300 857 464 (AU) or 0800 436 774 (NZ), or email support@kilimanjaro-consulting.com.