Creative Agency EOFY Guide: Key Financial Tasks You Shouldn’t Miss

The End of Financial Year (EOFY) is one of the busiest times for creative agencies. While you’re wrapping up campaigns, managing client deadlines, and chasing invoices, financial tasks often get overlooked — leading to missed deductions, compliance risks, and poor business insights.

At Titan Tax, we specialise in helping creative agencies stay financially organised, compliant, and profitable. This EOFY survival guide highlights the most commonly forgotten financial tasks — and what you should do now to stay ahead.

🎯 Unbilled Work That Gets Missed (Work in Progress – WIP)

Have you completed work but haven’t invoiced it yet? This is known as Work in Progress (WIP) and may still need to be recorded as income, especially under accrual accounting.

✅ What to do:

• Review all projects completed in June
• Record billable hours or project milestones
• Generate any missing invoices
• Track WIP using tools like Xero, Harvest, or project management software

📊 Project Profitability Left Unreviewed

EOFY is the perfect time to identify which clients and projects are profitable — and which are draining your resources.

✅ What to do:

• Run profitability reports for key clients
• Compare actual hours vs budgeted hours
• Identify scope creep and underpriced services
• Use insights to adjust pricing and strategy for the new financial year

💸 Accruals and Prepayments Overlooked

Many agencies forget to properly account for expenses paid in advance or incurred but not yet paid.

✅ What to do:

• Review annual subscriptions (software, retainers, etc.)
• Allocate expenses to the correct financial period
• Record unpaid expenses as accruals
• Work with your bookkeeper to ensure compliance with ATO ruleS

📑 Missing Contractor Details for TPAR

If your agency works with freelancers (designers, videographers, developers), you may need to lodge a Taxable Payments Annual Report (TPAR).

✅ What to do:

• Confirm if your business has TPAR obligations
• Collect contractor details (ABNs, payment records)
• Prepare early — deadline is 28 August

📈 No Financial Forecast for the New Year

EOFY is not just about closing the books — it’s about planning for growth.

✅ What to do:

• Build or update your cash flow forecast
• Analyse your sales pipeline and recurring revenue
• Plan for expenses, hiring, and investments
• Align your financial goals with your business strategy

🧾 Outdated Chart of Accounts

Your Chart of Accounts should reflect how your agency operates today — not how it worked years ago.

✅ What to do:

• Review your account structure
• Simplify categories for better reporting
• Ensure clarity on:
• Project profitability
• Team costs
• Software and overhead expenses

🚀 EOFY Doesn’t Have to Be Stressful

EOFY is a powerful opportunity to:

• Clean up your financial records
• Maximise tax deductions
• Gain clarity on your business performance
• Set your agency up for a stronger financial year

With Titan Tax, you get expert support to manage your bookkeeping, reporting, and compliance — so you can focus on creativity while we handle the numbers.

📞 Contact Titan Tax

Call Us: 0457 696 620
Email: info@titantax.com.au
Address: Unit 14, 164 Government Road, Richlands QLD 4070

 

❓ Frequently Asked Questions

What are the key EOFY tasks for creative agencies?

Creative agencies should review WIP, assess project profitability, manage accruals and prepayments, confirm contractor payments (TPAR), and prepare financial forecasts.

Can I claim software subscriptions like Xero or project tools?

Yes — software subscriptions are tax deductible. However, if paid annually, they may need to be treated as prepayments and allocated across financial periods.

What is TPAR and does my agency need to lodge it?

TPAR (Taxable Payments Annual Report) is required if your business pays contractors in certain industries. If you regularly work with freelancers, check your obligations with a registered tax agent.

⚠️ Disclaimer

The information provided in this article is for general informational purposes only and does not constitute financial, taxation, or legal advice. Titan Tax recommends seeking professional advice tailored to your circumstances. Tax laws may change, and you should consult a registered tax agent or the Australian Taxation Office (ATO) for current guidance.

👉 Need help preparing for EOFY? Contact Titan Tax today and ensure your business is compliant, organised, and ready for growth.