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The true meaning of EOFY … End Of Functional Yearning

By February 5th, 2020NetSuite

It’s the time of the year when many businesses are scrambling to meet deadlines.

We are all busy and many of us leave things to the last minute however, in my opinion, the focus shouldn’t be about how much you can expense in the last week of June or juggling creditors to either squeeze in or hold off certain payments depending on what the balance sheet demands.

It should also be used to think about the longer term.

Specifically, this “silly season” should be a trigger point to get systems in place so EOFY doesn’t remain an annual cliche.

The weeks/months immediately before and after June 30 is, tragically, a great time for true inefficiencies to shine! Form here it should be a time for owners and senior executives to do some business related soul searching about how to make 2016/17 bigger and better that the FY that’s coming to a close.

More often than not the biggest pain point associated with the end of financial year is around getting clean, accurate data and getting this data in a timely fashion, if at all!

By automating and work flowing the key functions in your business you can take the inefficiencies out of reconciling your accounts and reporting the true status of your operation in real time with 100% accuracy in a single consolidated systems. Allow this reporting to happen at any time, from anywhere! Not just EOFY.

Don’t yearn for better workflow, accurate data, true accountability through the whole organisation and excellent visibility (of stock, projects, case management, etc) this time next year like you have each June for the past how every many years.


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