EOFY survival guide for creative agencies: the most commonly forgotten financial tasks

The end of the financial year (EOFY) is crunch time for creative agencies. While you’re focused on wrapping campaigns, billing clients, and managing deadlines, your financials often take a back seat, until it’s too late. This is why we have created this EOFY checklist for creative agencies.

At Visory, we run bookkeeping, payroll, accounts payable and accounts receivable for creative agencies, and help them read what their numbers are saying. So we know exactly where things tend to unravel at the EOFY. This EOFY checklist for creative agencies covers the most commonly forgotten financial tasks, and what you can do now to stay ahead.

1. Unbilled Work That Gets Missed

Review unfinished work and completed work that has not been invoiced. Under accrual accounting, revenue follows performance, not invoice timing. Unfinished work may be WIP; recognised revenue that still depends on another condition creates a contract asset, while an unconditional right to payment is a receivable. Ask your accountant to classify each balance and your tax agent to confirm its tax treatment.

What to do: Review projects delivered in June. Log hours or progress, and generate any missing invoices. Ensure WIP is properly tracked in tools like Streamtime or Harvest, and synced to Xero.

2. Project Profitability Left Unreviewed

EOFY is the perfect time to understand which clients or projects drove the most profit, and which cost more than they should’ve.

What to do: Run a profitability report across major accounts. Look at time tracked vs. budgeted hours, and flag scope creep for next year’s planning.

3. Accruals and Prepayments Overlooked

If you’ve paid for software or services in advance, your accounts should spread the cost across the periods it covers. For tax, whether you can deduct the full prepayment this financial year depends on your turnover and how long the service period is, so check with your tax agent. Similarly, any services you’ve received but haven’t paid for should be accrued.

What to do: Review large annual subscriptions, deposits, or retainers. Work with your bookkeeper or finance partner to allocate expenses across the correct financial periods.

4. Missing Contractor Details for TPAR

The Taxable Payments Annual Report (TPAR) applies to businesses that provide certain services and pay contractors to deliver them: building and construction, cleaning, courier and road freight, information technology (IT), and security, investigation or surveillance. Design, production and video work are not on that list. An agency that also delivers IT services through contractors must lodge if 10% or more of its business income comes from those services.

What to do: Confirm whether any of your income comes from TPAR services and whether it reaches the 10% test. If it does, gather contractor ABNs and payment details. The TPAR is due by 28 August each year.

5. Forecasting the New Financial Year

EOFY isn’t just about closing the books, it’s a chance to plan ahead. Many agencies forget to build or update cash flow and revenue forecasts until Q1 is already in full swing.

What to do: Use EOFY as a trigger to reset your forecast. Base it on pipeline activity, retained accounts, and recurring costs and don’t forget to align it with your wider business growth goals.

6. Chart of Accounts That No Longer Makes Sense

Over time, your Chart of Accounts can become messy, especially if you’re adding new services or team structures. This creates confusion for reporting and budgeting.

What to do: Look at whether your current setup gives you the clarity you need on things like project profitability, team costs, or software spend. If not, restructure it before the new financial year starts so reports compare like with like.

EOFY doesn’t have to be a headache

EOFY can be a huge opportunity to clean up, look ahead, and take control of your agency’s finances. But only if you stop putting it off.

Each item above needs an owner, evidence and a date. Unbilled work and accruals belong to whoever closes the books for June; a TPAR, if you need one, is due by 28 August; and your forecast and chart of accounts are best reset before the first month of the new year closes.

With Visory, a dedicated team and our AI, Delphi, overseen by that team, run your bookkeeping, payroll, accounts payable and accounts receivable all year, so EOFY is a check rather than a scramble. Visory Insights and a Business Performance Partner then turn the numbers into decisions. Book a discovery call to see how it would work for your agency.

Frequently Asked Questions

What are the key EOFY tasks for creative agencies?
Creative agencies should review WIP, confirm contractor payments, assess project profitability, manage accruals and prepayments, and prepare forecasts for the new financial year.

Can I claim software subscriptions like Streamtime and Xero?
Yes. Business software subscriptions are generally deductible, but an annual subscription paid in advance may need to be treated as a prepayment.

What is a TPAR and does my agency need to submit one?
The Taxable Payments Annual Report is required if your business provides building and construction, cleaning, courier and road freight, IT, or security, investigation or surveillance services and pays contractors to deliver them (for building and construction, if that is your main business; for the other services, only if they make up 10% or more of your business income). Most creative work isn’t covered, but check if you deliver IT services.