The EOFY is the perfect time to work with your accountant to assess your upcoming tax liabilities. You may need to plan for GST, income tax instalments, or fringe benefits tax. You might also benefit from making deductible purchases or pre-paying eligible expenses before June 30. For example, the instant asset write-off threshold (currently $20,000) allows qualifying businesses to deduct the full cost of eligible assets if they’re purchased and installed by EOFY. Bringing forward certain payments and pushing back income can also improve your tax position.

Unpaid invoices tie up your working capital. Before EOFY, follow up overdue accounts and consider offering small discounts or incentives for early payment. Even small efforts to recover unpaid invoices can make a big difference to your cash reserves heading into the new financial year.

Maximise cash in the bank by carefully managing supplier payment terms. Don’t pay early unless there’s a financial benefit to doing so. You may also be sitting on excess or slow-moving stock, run a clearance sale to turn it into usable cash. Every dollar you free up improves your EOFY balance sheet.

Don’t just look back at the past year, you should already be planning ahead. A cash flow forecast for the year ahead will help you anticipate slow periods, identify upcoming expenses, and plan for investment opportunities. Mapping out your peaks and troughs means you can avoid nasty surprises and make smarter decisions throughout the year.

If your working capital is tight, the right finance solution can give your cash flow a much-needed boost. Business loans provide general-purpose funding, while asset finance allows you to acquire equipment or vehicles without large upfront costs. Invoice finance can give you early access to outstanding payments, and trade finance can help bridge gaps in your import/export cycles.