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Are you EOFY-Ready? The Ultimate Checklist for Mortgage Brokers & Financial Service Providers 

If you’re a mortgage broker or a financial services provider, you know that‘s time to buckle up and get ready to tackle the end of financial year (EOFY). While EOFY can be a hectic time for businesses, it’s not just about filing paperwork and crunching numbers; it’s an opportunity to assess your performance, make strategic decisions, and set the stage for growth in the coming year.

Let’s dive deep into the importance of EOFY preparation and discuss the practical tips to make the process a breeze. And here’s a little tip: a virtual assistant (VA) can be your secret weapon To make this process even more efficient and effective.

Preparing for EOFY

EOFY is not just about ticking boxes and filing paperwork; it’s an opportunity for you to assess your business performance, identify areas for improvement, and make strategic decisions for the future. By preparing for EOFY, you can:

a. Gain Insights: Reviewing your financial statements, profit and loss statements, and balance sheets allows you to gain a clear understanding of your business’s financial health and performance.

b. Tax Planning: By organising your financial records, you can maximise deductions, identify tax-saving opportunities, and ensure compliance with taxation laws.

c. Business Growth: Analysing your client data, revenue streams, and expenses helps you identify patterns and trends that can inform your business growth strategies for the upcoming year.

But how can a VA make a difference during EOFY?

Imagine having a skilled professional by your side who can handle time-consuming tasks like data entry, bookkeeping, reconciliations, and document preparation. By having an outsourced assistant, you can free up your time to focus on core business activities and strategic planning. They can ensure accuracy and efficiency in your financial records, meticulously reconcile transactions, and prepare documents flawlessly. And the best part? A VA can scale with your needs, providing support during EOFY and beyond.

What’s more, getting virtual assistant services through an ISO-certified agency ensures hassle-free, risk-free outsourcing. Most aggregators will require the VA to be ISO-certified or you could use your licence, so make sure to choose an assistant that won’t cause any legal issues in the long run.

A Comprehensive EOFY Checklist

To help you stay organised and tracked for EOFY, we’ve put together a comprehensive checklist you could use as a guide:

a. Bookkeeping

  • Review and reconcile financial statements.
  • Update general ledger and journals.
  • Verify bank statements and transactions.
  • Ensure accurate recording of income and expenses.

b. Tax Compliance

  • Gather necessary tax documents.
  • Calculate tax liabilities and obligations.
  • Organise receipts, invoices, and expense records.
  • Submit tax returns and statements on time.

c. Reporting:

  • Generate profit and loss statements.
  • Prepare balance sheets and cash flow statements.
  • Compile comprehensive financial reports.
  • Analyse key performance indicators (KPIs).

How can a VA Help With Your EOFY Tasks

With their diverse skill set, an admin assistant can provide valuable support during the EOFY process. Some specific tasks a VA can handle when it comes to mortgage processes include:

  • Pre-submission: Preparing and sending checklists of application documents, following up with clients, organizing client files, and ensuring compliance
  • Submission: Data entry (AOL), order evaluation and pricing reviews (as needed), income analysis, updating servicing calculator, or a living expense analysis
  • Post-Submission: Following up with lenders, tracking applications, addressing exception and condition items, and reviewing mortgage documents
  • Settlement & Post-settlement: Closing files in CRM, pricing reviews, and mortgage variations

Beyond EOFY, a virtual assistant can continue to provide valuable support for your mortgage broker or financial services business so you can still have a work-life balance while your business is growing. A outsourced assistant can further help you with:

  • Email Marketing – Developing content and scheduling email campaigns to customers and leads. 
  • Maintaining your website 
  • Blogs and content development
  • Social media management – posting on social media, scheduling posts, develop content and graphics (e.g. Facebook, Instagram, LinkedIn, etc.)
  • Appointment scheduling – receiving appointment requests from clients, reviewing your schedule so you can maximise your time! 

And that’s it! As EOFY comes near, make sure to keep these things in mind for a smooth transition in the coming year.

However, we understand that navigating through EOFY could be overwhelming, especially when you’ve already got a lot on your plate. And that’s why we at Koruna Assist, an ISO-certified outsourcing service, specialise in helping mortgage brokers like you clear up low-value tasks that take up your time so you could focus on what you do best.

Remember, EOFY doesn’t have to be a daunting task when you have the right support. With our Koruna Experts, we’ll handle the nitty-gritty details while you focus on growing your business. Get in touch with us today and discover how we can make a difference in your EOFY preparation and beyond.

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Case Study:

Chris Brown is a Director and Senior Mortgage Broker at New Vision Financial Services. He runs a Sydney based mortgage brokerage that’s servicing clients since 2015.

Case Study:

Sam Panetta is a co-founder and the head of the lending department at Aureus Financial. His business helps clients get the funding that they need to grow their business, acquire their dream home and build wealth through property.

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