EOFY

EOFY (Definition)

EOFY stands for End of Financial Year, which marks the completion of a one-year accounting period.

Key aspects of EOFY include:

1. Varies between countries and can be different from the calendar year
2. Crucial time for businesses to finalize their financial records
3. Often involves increased workload for accounting and finance departments
4. Requires preparation of annual financial statements
5. Important for tax purposes and compliance with regulatory requirements
6. May involve stocktaking, reconciliations, and asset valuations
7. Provides an opportunity to review financial performance and set goals for the next year

Understanding and properly managing EOFY processes is essential for accurate financial reporting and compliance with tax and business regulations.