Why the EOFY Period Matters for Office Managers
Whether you’re an office manager or small business owner, the end of financial year (EOFY) period is important. You likely manage overseeing day-to-day operations, which includes the procurement and management of office supplies.
EOFY presents an opportunity for small businesses to responsibly use up the remainder of their yearly budget to secure necessary inventory for the year ahead while still being able to claim these purchases for the current financial year.
As part of this, there are several important steps office managers can take to ensure they get what’s needed before the financial year is over.
Budget Planning and Compliance
To get the most out of the EOFY period, you’ll want to budget accordingly. Start by reviewing the current financial year’s remaining budget so that spending aligns with the company’s approved budget allocation.
It’s best to reasonably use up as much of the remaining budget as possible, as underuse could lead to reduced funding when the new financial year rolls around.
While doing this, don’t forget to track all expenses and report them accurately - this is key to being compliant with ATO requirements. It’s also important to sort any documentation that is helpful for auditing, such as receipts, vendor agreements, and purchase logs. Make sure you keep all of these on hand and securely file them away.
Inventory and Procurement Deadlines
With EOFY, you’ll want to sort new inventory or equipment by 30 June. Not only should you make purchases by 30 June, but you’ll want to be actively using the equipment in-office by 30 June, as well.
To ensure you’re getting the goods your office needs, take stock of your current inventory (computers/laptops, desks, office furniture, active service subscriptions, etc.). That way, you’ll know exactly what you need to restock or replace before the cutoff.
Once you know what’s needed, keep an eye out for EOFY sales. These could provide some serious savings on individual and bulk purchases. Remember: it’s best to sort your purchases so that they’re delivered before 30 June.
Essential Items to Review Before EOFY
Below are some key items we recommend reviewing.
Office Furniture and Equipment
Good office furniture and equipment are essential, so take some time to assess the condition of items - look at chairs, desks, and communal furniture.
When considering any replacement or improvements to your office furniture, don’t forget about ergonomic improvements like ergonomic office chairs and height-adjustable standing desks. We recommend looking at brands such as Rapidline, OLG, and Sylex.
Tech and Business Machines
On the tech and business machine front, this includes printers and photocopiers, fax machines and scanners, cash registers and point-of-sale systems, computers and servers, shredders, and calculators.
This can also include any tech-related subscriptions the company uses. Think of programs like Office 365 for Business, design programs such as the Adobe Suite, point-of-sale software Square, and customer relationship management program (CRM) subscriptions like Salesforce.
As always, start by looking at the tech and business machines you have. Whether you replace old hardware or have it repaired, these can often be claimed for tax purposes. On the repair front, any repairs that are done on items that are core to your business’s income can also typically be claimed.
Supplies and Consumables
Don’t forget about your day-to-day general supplies and consumables. Check the stock levels of essentials like office stationery, cleaning supplies, and kitchen goods. If any are running low, put them in for a reorder.
Key Dates and Deadlines to Remember
Tax Submission and Claim Timelines
Confirm the key dates and deadlines related to EOFY and business tax claims. For any deductible purchase, be sure to make these purchases before 30 June.
The next key deadline to keep in mind is business tax returns. Generally, these returns need to be submitted to the ATO by 31 October, but will need to be submitted earlier if being lodged through a third-party accountant.
How to Create Your EOFY Action Plan
Finally, let’s briefly touch on EOFY action plans, particularly in terms of coordinating with your company’s accountant, boss, or whoever manages the finances to finalise any orders.
Work with Your Accountant
Whether finances are managed and tracked by an accountant, your leadership team or manager, it’s best to work with them to iron out the details of what to purchase and claim as part of business expenses. It’s always best to prioritise purchases that will be the most beneficial for the company on a functional and financial level.
Set some time aside to discuss finances to understand the budget, what funds are available, and what can and cannot be purchased for EOFY purposes. This will also help you stay compliant with ATO rules and the company’s internal procedures.
Make a Checklist
With the finer details sorted with your team regarding what they’d like for the coming financial year, you can finalise the purchases for your business. We recommend the following approach:
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List all the required purchases for the company and prioritise them, accounting for anything that’s due to be replaced as a priority.
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Confirm all quotes, availability, and delivery timelines with your suppliers - look for the best deals, whether that’s by price or with a bulk discount.
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Ensure you submit all final orders well before relevant cut-off dates to avoid missing out on EOFY benefits.
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Finally, keep a record of all orders made and their associated invoices for tax and auditing purposes.
With all of the above accounted for, office managers or business owners can prioritise necessary purchases and ensure the company gets the most out of their EOFY purchases and investments.
Be sure to keep an eye on the Office Choice website in the lead-up to EOFY for any office essential purchases.