End of Financial Year Survival Guide: 5 Steps for Supply Chains to Get Ahead

As the end of the financial year (EOFY) approaches, wholesalers, distributors, and manufacturers face the pressure of finalising accounts, managing stock levels, and closing deals – all while keeping operations running smoothly. It’s a stressful time, but with smart planning and the right tools, EOFY can be an opportunity to not only wrap up the year efficiently but also set your business up for long-term success.

A stock-aware CRM streamlines EOFY preparation by keeping your sales, stock, and customer data organised in one place. In this guide, we’ll walk you through five essential steps to get ahead before EOFY hits – helping you stay compliant, improve efficiency, and boost profitability.

Step 1: Get Your Sales & Financial Data in Order

Accurate financial records are essential for tax reporting, compliance, and making informed business decisions. Before EOFY, take time to review and tidy up your sales and financial data:

• Ensure your CRM and accounting software are up to date – If you’re using Xero or Quickbooks, make sure all transactions, invoices and payments are correctly recorded. If you haven’t integrated a CRM system with your accounting system yet, now is the perfect time to streamline your financial operations.
• Run sales reports to identify trends – You can use a CRM reporting tool to analyse best-selling products, seasonal fluctuations, and areas of revenue leakage.
• Check for outstanding payments – Unpaid invoices can impact cash flow and tax calculations. Use a CRM to track overdue payments and send automated reminders to customers.

Step 2: Conduct a Stock & Inventory Health Check

Stock mismanagement can be costly – overstocking ties up cash, while understocking can lead to lost sales. A stock-aware CRM helps you maintain the right balance by:

• Tracking real-time stock levels – Avoid costly miscalculations with CRM integrated to Inventory Management software by ensuring your stock data is accurate across your systems.
• Forecasting demand – Use sales and inventory trends to predict which products need restocking and which can be phased out.
• Setting up automated alerts – Features like Missing Order Alerts notify you of gaps in customer buying patterns, helping you prevent lost sales.
• Cleaning up product data – Remove outdated SKUs, standardise naming conventions, and ensure pricing structures are accurate before the new financial year begins.

Step 3: Review & Optimise Your Customer Relationships

EOFY is the perfect time to assess customer relationships and ensure your key accounts are well managed. Here’s how:

• Identify your top customers – Use RFM Analysis in a CRM system to pinpoint high-value clients and ensure they’re receiving the best service.
• Check overdue invoices and chase outstanding payments – Late payments can create financial strain, so ensure you follow up before the EOFY deadline.
• Evaluate sales performance – Review which sales strategies worked best and identify opportunities to refine customer targeting for the new financial year.

Step 4: Streamline Your Quote-to-Order Workflow

A slow or disorganised sales process can lead to missed revenue opportunities before EOFY. Now is the time to reduce bottlenecks and accelerate sales by:

• Leveraging CRM automation – CRM software speeds up quote creation, order processing, and invoice tracking so you can close deals faster.
• Minimising manual work – Automate approvals, customer follow-ups, and data entry to reduce errors and free up your team’s time.
• Syncing customer and stock data – A stock-aware CRM ensures sales teams have real-time access to inventory levels, reducing the risk of overpromising or missing key sales.

Step 5: Plan for the Year Ahead – Set Goals & Implement Improvements

EOFY isn’t just about closing out the books – it’s a chance to set your business up for a stronger year ahead. Take the time to:

• Set realistic sales and revenue targets – Use past performance data to create achievable growth plans.
• Identify process inefficiencies – Look for bottlenecks in your sales and inventory workflows and implement improvements.
• Invest in automation and integration – Connecting CRM, inventory, and accounting software streamlines operations, improving efficiency and profitability.

EOFY Success Starts with Prospect CRM

With the right tools and a proactive approach, EOFY doesn’t have to be a stressful rush. Prospect CRM helps wholesalers, distributors, and manufacturers stay in control by integrating sales, stock, and customer data – so you can close the financial year strong and start the next one even stronger.

Start your 14-day free trial today and discover how Prospect CRM can help your business get ahead before EOFY!