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End of Financial Year WorkflowMAX Checklist NZ: Key Tasks to Complete

  • Apr 30
  • 2 min read

Updated: May 12


End of Financial Year 31st March

As you work through your End of Financial Year (EOFY) financials in NZ, it’s an important opportunity to step back and tidy up your system. A few focused checks now can make a big difference to the accuracy of your reporting, and how smoothly you move into the new year.


This checklist is designed to help you close off the year with confidence, and set a strong foundation for the coming financial year.


Here are some key tasks we recommend reviewing:


  1. Review Open Jobs


  • Check for jobs that should be closed or completed

  • Confirm all costs and time have been captured

  • Identify any jobs sitting open with no recent activity


Helps ensure job profitability reporting is accurate.


  1. Capture All Time & Costs


  • Ensure all timesheets are entered and approved

  • Add any missing supplier costs or expenses

  • Check for late entries that may fall into the wrong period


Avoids understated costs or overstated margins.


  1. Invoice What Can Be Invoiced


  • Review unbilled time and costs

  • Check for draft invoices not yet approved (and therefore not in Xero). Decide whether these should be deleted or approved and sent.

  • Confirm all completed work has been invoiced


Improves revenue accuracy and cash flow.


  1. Review Work in Progress (WIP)


  • Identify jobs with high WIP balances

  • Check there is no WIP value on completed jobs

  • Confirm whether WIP should be:

    • Invoiced

    • Written off

    • Carried forward


Ensures WIP reflects real, recoverable value.


  1. Check Job Profitability


  • Run your job Financial Summary

  • Sense check large variances between estimated vs actual

  • Identify trends or recurring issues


Useful for both EOFY reporting and planning ahead.


  1. Reconcile with Accounting (Xero)


  • Confirm all invoices and costs have exported correctly

  • Review and resolve any failed exports

  • Ensure WIP, revenue, and costs align between systems


Keeps financial reports clean and consistent.


  1. Review Drafts & Unapproved Transactions


  • Draft invoices

  • Unapproved timesheets

  • Unapproved costs


These often get missed but can have a noticeable impact on reporting.


  1. Clean Up Jobs & Data


  • Archive or close old/unused jobs

  • Review job templates and categories

  • Check for inconsistencies in naming or structure


Sets you up with cleaner data for the new year.


  1. Review User Access


  • Remove users who no longer need access

  • Check permissions are still appropriate


Keeps things secure and tidy.


  1. Set Up for the New Financial Year


  • Review charge-out rates

  • Update cost rates if needed

  • Check job templates and pricing structures

  • Lock WIP and Period dates when the period is finalised

  • Create new financial year jobs for Leave and Admin

  • Review and clean up draft and expired quotes should they be declined or issued

  • Review and clean up old leads and either follow up or mark as lost

  • Review and clean up draft and issued but not yet fully billed purchase orders


Start the year on the right foot.


Need a hand?

EOFY doesn’t need to be overwhelming. A structured review like this can make a big difference in the accuracy of your data and the quality of your reporting.


If you’re unsure where to start, or would like support reviewing your inventory system, Xero setup, or integrations, please reach out.


 
 
 

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