EOFY is the bane of many healthcare practice owners in Australia.
But it doesn’t have to be stressful.
With smart preparation and the right tools, you can tackle tax time confidently–and even boost your practice’s profitability.
In fact, with the right processes in place and the help of the right professionals, such as experienced bookkeepers and accountants, you can start to take back control of your finances, improve your admin flow, and even increase your practice’s profitability.
If you still keep your invoices in shoeboxes or have no idea whether you’ve actually made money this year, you don’t want to miss this one…
In this blog post, we’ll discuss 9 tips for preparing your business for the end of the fiscal year:
1. Reconcile Accounts
As Rachel Roberts of Hate the Books Bookkeeping sees it, one of the most important things you can do for your practice’s financial well-being is to reconcile your accounts at least once a week.
Rachel advises that you match your daily takings to actual bank deposits (a simple daily check avoids headaches down the line), and run aged receivables reports weekly. Following up on unpaid invoices quickly improves your cash flow and reduces the risk of bad debts.
Pro Tip: Use Zanda’s reporting tools to track financial performance.
2. Take Your Practice’s Financial Pulse
Many practice owners don’t realize they’re in financial trouble until it’s too late.
As Jayne Kilsby from Bookkeeping N More observes, “We see a lot of business owners who haven’t yet mastered their cash flow and aren’t sure if they’ve actually made any money until the end of the year.”
If that sounds familiar, keep reading – there are a few easy-to-implement solutions that will put you back in the driving seat.
3. Let Your Software Do the Heavy Lifting
Digitizing your practice operations is a smart move if efficiency is important to you, especially when it comes to financial management. By streamlining your back-office processes with digital tools, you’ll reduce that end-of-year scramble and transform EOFY from a stressful period into just another well-organized month.
If you’re using Zanda and Xero, you’re already ahead of the game. But, are you maximizing its potential?
Start here:
- Export to accounting software daily
- Ditch paper with electronic invoicing
- Use Zanda to accept online payments
Pro Tip: The Zanda practice dashboard makes it easy to get a bird’s-eye view of your practice’s performance.
4. Enlist the Help of Trained Professionals
You became a healthcare practitioner to help people, not to wrestle with spreadsheets.
A skilled bookkeeper can become your ally by:
- Freeing your time from admin so you can focus on client care
- Ensuring compliance with tax and legal requirements
- Providing more clarity, because your books are always up-to-date
The right bookkeeper gives you control of your practice by helping you understand and leverage the information in your reports and statements.
See Zanda partners HERE.
5. Maximize Your Tax Savings
As a healthcare practitioner, you might be missing out on valuable tax deduction opportunities simply because you don’t know they exist.
Malisa Clarence, Director of MBooks, emphasizes:
“Once your records are up to date, it’s time to book an appointment to see your accountant BEFORE the end of the financial year. This gives you an opportunity to review how your business has done over the last 9 months and if you’ve had a great year, which I hope you all have, make some tax planning decisions around that profit you’ve made.”
6. Stay On Top of Medicare/DVA/NDIS Payments
Government and insurance payments often involve processing delays and adjustments.
Rachel Roberts of Hate the Books Bookkeeping advises that you keep an eye on third-party payments–they often don’t match appointment fees exactly. Take time to reconcile these payments properly so that your financial records reflect actual income received, rather than just services rendered.
Simple reconciliation routine:
- Weekly check: Match billed services to deposits received
- Flag discrepancies: Note any missing or incorrect payments
- Follow up promptly: Most schemes have strict claim windows
One unpaid claim might not hurt, but dozens add up fast. Regular checks protect your bottom line.
7. Work With a Healthcare-Savvy Accountant
An accountant that specializes in your industry will help with a lot more than just getting your EOFY documents taken care of.
They’re also there to help you with some of the bigger financial concerns such as:
- Simplifying and automating tax, payroll, and accounting functions for your practice
- Ensuring that your tax structures protect your assets from potential lawsuits
- Advising on tax reduction strategies
- Offering tax-efficient structures for loan repayments
- Sharing knowledge on tax-efficient estate planning strategies for asset protection
There are many areas where a medical accountant can step in and offer advice, and these can save you thousands of dollars in the long run.
8. Plan for the Future
Times have changed and your finances may need to change with them. If your business plan is a few years old, it may need an overhaul to reflect the current economic conditions. Plans that you have in place may need to be delayed, and you may need to build a larger financial buffer to future-proof your practice.
Malisa Clarence of MBooks puts it like this, “As a lot of practitioners are trading as a “Sole Trader” you should also think about putting some superannuation aside for yourself! Your 65-year-old self will thank you for making these contributions now. And make sure you get your tax return done as soon as possible after 30 June. I know that a lot of people leave this to the last minute but how will you plan for your business if you are always looking in the rear-view mirror?”
9. Celebrate Your Wins – Then Rest and Recharge
After a year of putting your clients first, EOFY marks the perfect moment to turn that care inward. The administrative marathon of tax time can overshadow a simple truth: your well-being is the foundation of your practice’s success.
Submit those final reports, then step away completely. You’ve earned the break and the freedom to enjoy the practice you’ve built.
And when you’re ready to look ahead, remember: Zanda is here to handle the busy work for you.
The practitioners who thrive aren’t those working harder, but those working smarter–automate admin, partner with bookkeepers early, and build systems that create space for what matters.
“Year-end is a good time to reassess your fee schedule, update services, and align categories with your accounting software for a fresh start.” – Rachel Roberts, Hate the Books Bookkeeping.
The EOFY doesn’t have to be stressful if you’re organized and have the right team backing you up. To set yourself up for a successful year-end, ensure you have a good grasp of your finances and that you’re taking advantage of the time and efficiency savings that your software offers.
You could also use the time to make meaningful changes to make it easier for you going forward.
If the end of the financial year seems like an overwhelming task, get professional help now, rather than waiting until it’s too late. A bookkeeper and a health specialist accountant will give you peace of mind, and may even be able to offer advice on tax-saving opportunities that you weren’t aware of.
This article was originally published in 2021 and has been updated for comprehensiveness and accuracy.