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 help creative agencies streamline their bookkeeping and uncover smarter business insights from their finances. 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

Have you completed work that hasn’t been invoiced yet? That’s called Work in Progress (WIP), and it may need to be recognised as income, especially for accrual-based accounting.

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, only a portion may be deductible this financial year. 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

If your agency uses freelancers or contractors (especially for design, production, or video), you may need to complete a Taxable Payments Annual Report (TPAR).

What to do: Confirm if your agency falls under reporting obligations. Gather ABNs and contractor payment details. The deadline is 28 August, but it pays to prep now.

 

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, we can help restructure your books and provide you with smarter business insights.

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.

With Visory, you get a team of experts who handle the numbers behind the scenes, so you can stay creative and in control. Whether it’s prepping your tax data, running reports, or highlighting key insights, we’ve got you covered.

 

 

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 deductible, but you may need to account for prepayments if paid annually.

What is a TPAR and does my agency need to submit one?
The Taxable Payments Annual Report is required if your business pays contractors in certain industries. Check with your bookkeeper if you work with freelance creatives or production support.