Whether you’re fully across your numbers or still catching up on coding receipts, the end of the financial year is a valuable time to check in on the financial health of your farm. It’s not just about ticking boxes for the accountant—EOFY is your chance to get clear on where the business stands, how it’s tracking against your budget, and what adjustments might be needed heading into the second half of the year.

1. Budget vs Actuals: Reality Check Time
   Most Planfarm clients set a farm budget at the start of the season, projecting costs, income, and margins. But unless you’re keeping your books up to date, it’s hard to know how you’re really tracking against that plan.
   EOFY is a valuable opportunity to:
   • Compare actual spend vs forecasted spend
   • Identify any cost overruns or savings
   • Spot early cash flow pressure or surplus
   • Adjust plans for the second half of the season accordingly
2. Tax-Ready Financials
   Having clean, reconciled books at the end of the Financial Year means:
   • Your accountant can lodge tax returns faster
   • You won’t miss eligible deductions (fertiliser, repairs, prepayments etc.)
   • You avoid penalties or delays with BAS and PAYG submissions
   • You can make informed tax planning decisions
3. Improved Cash Flow Forecasting
   With current, accurate data, it’s far easier to project where your cash will sit in coming months, especially important leading into harvest when costs rise again.
4. Supporting Finance Applications
   Whether you’re looking at new equipment finance, require additional seasonal finance, are preparing for expansion opportunities, or even succession conversations, you’ll need accurate financial records that tell a clear story.
5. Streamlining Business Planning for the New Year

The end of the financial year is not just about closing out the old year—it’s also a time to plan for the new year. With accurate and up-to-date financial records, businesses can assess their performance, identify areas of improvement, and set realistic goals for the upcoming year. Good bookkeeping enables you to analyse key financial data and use it to inform strategies that drive business growth and financial stability.

What You Can Do to Prepare for EOFY

Here are practical actions you can take to get ahead:

✅ Reconcile All Bank Accounts
Ensure every transaction up to June 30 is correctly entered and matched.

✅ Review Debtors and Creditors
Chase up unpaid invoices, pay outstanding suppliers, and write off bad debts where appropriate.

✅ Check Payroll is Up to Date
Finalise superannuation contributions, verify STP lodgements, and prepare for issuing PAYG summaries if needed.

✅ Review Capital Purchases
Equipment bought, sold or traded? Make sure these are properly recorded and supported with invoices. Ensure you have coded correctly any deposit refunds or loan income, and that the GST component of the transaction is accurate

✅ Compare Budget vs Actuals
Take stock of where you are financially—what’s working, what’s not, and where adjustments might be needed.

✅ Gather Supporting Documents
Keep digital or physical copies of receipts, finance documents, and loan statements ready for your accountant.

✅ Review Your Chart of Accounts
Make sure expenses are categorised correctly. This helps both for reporting and accurate benchmarking.

Need Help? That’s Exactly Why We’re Here.

We know most farmers didn’t get into ag to spend hours in front of a computer reconciling transactions. That’s why Planfarm Bookkeeping exists—to give you confidence that your numbers are right, your obligations are met, and your financial picture is clear.

We work with all major systems, including Agrimaster, Xero, and MYOB, and tailor our support to the scale and complexity of your business.

From now until tax time, we can help with:

• Catch-up data entry
• Bank and loan reconciliation
• Supplier and payroll accuracy
• BAS preparation and lodgement
• Budget vs actuals reports
• Accountant-ready financials

Why It Matters

We often say: “If you can’t measure it, you can’t manage it.” That’s especially true at EOFY. The more accurate and up-to-date your financials, the more control you have—not just over tax time, but your entire business.

📞 To get started, give me a call on 0484 005 900
📧 Or reach out to your Planfarm consultant

EOFY shouldn’t be a mad rush or a missed opportunity. With a bit of preparation—and the right support—it can be the reset your business needs to finish the season strong.