Solo by MYOB: Your Survival Guide for End of Financial Year
Whether you’re a wedding photographer, florist, celebrant, makeup artist, or even stationery designer, you didn’t enter the wedding industry because of your love of paperwork (or, maybe you did!). Running your wedding business means juggling creativity with the dreaded admin, especially when EOFY rolls around.
With June 30 creeping up, you’re probably feeling overwhelmed. But don’t worry. This guide walks you through practical EOFY tips tailored to a wedding business. And with tools like Solo by MYOB, managing your business admin will be simpler, faster, and more efficient. Then you can go back to what you love: creating unforgettable celebrations.
Your survival guide includes:
- Housekeeping: Get your records in order before the rush
- A penny saved is a penny earned: Don’t leave deductions on the table
- Today, not tomorrow: Why invoicing (and getting paid) before EOFY cut-off can improve your cash flow (and reduce stress)
- Keep admin easy: use Solo by MYOB
- New Year, New Me! Start your financial year with good habits (and even better tools)
Housekeeping: Get your records in order
You’ve just wrapped up wedding season and you’ve got “work work” piled up. Between balancing client meetings, event prep, and back-to-back weekends; the to-do list is sky-high, right? With EOFY just around the corner, having clean and complete records will save you late nights, hours of work, and a ton of unnecessary stress.
Like looking at that pile of undone laundry, you’re bound to ask yourself the same question: “Where do I even begin?” Start by organising all your income and expenses, and ensure every payment is accounted for. Now, it’s time to organise receipts – both physical and digital, and match them up with the right transactions.
Our tip: Set up a separate business banking account and keep personal money separate. This will give you a true picture of money coming in and out of your business. Make it even easier with Solo and connect your bank accounts to streamline the process even further – it doesn’t need to be the hair-pulling exercise it is right now.
Make sure you have a separate business banking account so you can know your money and keep it separate, so you get a true picture of money coming in and out of your business.
A penny saved is a penny earned
Do you know what can and can’t be claimed as a tax deduction? Chances are, if you’re a wedding professional, you might not know everything! Sure, you know the obvious: equipment, software subscriptions, petrol, and of course, office supplies. But there are some less obvious ones. Did you know you can claim professional development courses, insurance and some of that beloved home WiFi? It pays (literally) to know what you can claim.
Our tip: Consulting a tax professional or an accountant to review your financials and ensure compliance could mean that you end up with more money back than you thought, and everything above board – win, win!
Today, not tomorrow: Why invoicing (and getting paid) before EOFY cut-off can improve your cash flow (and reduce stress)
Okay, so let’s talk about the cut-off date. If you’re going to lodge your tax, you’ll have until 31 October. Many wedding vendors will work on lead times. Couples don’t do many last-minute bookings; instead, they book months (or years) in advance. This can delay invoicing. But with EOFY fast approaching, sending out invoices and following up overdue payments can make a big difference to your financial snapshot when closing out your books before EOFY.
Invoicing today, rather than putting off to tomorrow, can give your clients time to pay without the last-minute rush.
Our tip: Stay on top of invoicing! This will make your income reporting cleaner and help avoid the headache of chasing unpaid work. No one wants that!
Create professional invoices in seconds and chase up late payments with Solo.
Gone Solo: Get Solo
Are you dealing with late nights, spreadsheets and last-minute panic? This is where Solo steps in! Built specifically for sole operators and freelancers, it makes it easy to stay compliant and organised (with minimal effort!).
How? It automatically tracks income and expenses and matches receipts. It will also give you an estimate of your GST throughout the year, meaning you can budget for it – no surprises! It also gives you back time, as it will create invoices, log expenses, and keep everything in one place. Solo is incredibly easy to use on-the-go as it’s a mobile app. Don’t dread tax time! Take control and spend more time doing the work you love and less time doing the work-work.
Why use Solo by MYOB?
- Effortless invoices: Invoices created within seconds with automated reminders.
- Take payments instantly: Tap to Pay is now on your phone, meaning your phone is now your payment device, so no one can have any excuse to “transfer the money soon.” Soon is now!
- Easy expense tracking: That drawer stuffed full of receipts and notes to yourself? No more! Simply snap a photo in the app to record an expense.
- ATO-ready records: No more tax-time scrambling with all your records in one place.
- Connected banking: Sync up your bank accounts to view all your finances in one place.
- Income snapshot: Know how much money you’re making with a complete view of your business income separate from your personal finances.
Our tip: Solo by MYOB is available through Easy Weddings for just $6 for 12 months. If it’s time to make EOFY easier, then what are you waiting for? Get Solo today and get set up in minutes.
New year, new me! Start your financial year with good habits
If this financial year’s habits can’t be saved, then set yourself up for success in the new financial year. This is the time to refresh your systems – a new financial year’s resolution, that’s a thing, right?
Make time to review your pricing, budget for upcoming business expenses, and map out growth goals. With the right tools in place (like Solo), you’ll be able to track your progress in real time and avoid the common traps that cause tax-time stress. Think of it not just as closing your books but as opening a new chapter in your business journey.
Get Solo by MYOB and make EOFY a breeze. This offer will get you $6 for 12 months and peace of mind at tax time – what more could you want?
