19/03/2026
We are nearing the end of another financial year, and to help you transition smoothly into FY27, we've put together a list of our top tips and recommendations:
Tick off the tasks in Xero : Reconcile your accounts, check that balances match, and upload receipts/invoices/bills. If you’ve bought assets over $1,000 or started new finance agreements since 1 April 2025, we’ll need those too. The earlier we get these, the earlier we can typically make a start on your financials.
Got your passwords handy? Make sure you know where to find your bank and loan summary docs. We’ll need these as of 31 March to confirm your total balances.
Complete a stock take / Review WIP: If you carry stock worth over $10,000, you will need to complete a stock take. Don't forget to review your Work in Progress (WIP) any jobs you’ve started or bought materials for but haven’t invoiced yet. This has a big effect on both your profit and tax, so it’s important you get it right.
Write off bad debts: Don't pay tax on money you won't receive. If you have debts you cannot recover, ensure these are written off before 31 March. This doesn't mean you can't still follow up and hopefully receive these debts in the future.
Prepare for changes: This new financial year brings updates to the minimum wage ($23.95), the ACC Earner Levy (1.75%), and KiwiSaver minimum contributions (moving to 3.5%). Check your payroll system now to stay compliant for the first pay run in April. If you’re worried about rising costs, ask us about a CPIM session to look at your profitability.
Have you set goals for the new FY? Now is the best time to look forward to the year ahead. What do you want it to look like? Do we want to grow/expand? And of course, how did we go last year? Our Business Planning Service helps you set realistic and measurable goals, get super clear on the actions and strategies to achieve those goals and helps align company direction.
If you need help getting ready for EOFY, get in touch with our team for a chat. We'd love to help.
https://mhco.co.nz/contact-us