End of the Fiscal Year (EOFY) is an important defining period for businesses and organizations. At EOFY, all transactions must be recorded in the annual financial report to ensure compliance with tax laws, regulations, and other standards. During this financial reporting period, expenses and revenues associated with the current year are tallied up to give a complete view of how the organization has done over the past 12 months. This allows businesses and organizations to assess their performance and plan strategically for the upcoming year. With EOFY upon us, now is the time to review your finances and make sure everything is properly accounted for to maximize profits and minimize losses for the coming year.