Welcome to FY27: Your First-Week Financial Setup Checklist
The new financial year always arrives with a strange mix of relief and reality.
EOFY is done. The inbox is still smoking slightly. The receipts have either been reconciled, found, forgiven or quietly blamed on “the system”. And now, before the new year properly gathers speed, there is a small window to get your financial house in order.
That first week of FY27 matters.
For accountants, bookkeepers and business owners, it is the perfect time to reset the basics: payroll, software settings, insurance, cash flow, records, compliance dates and internal processes. Not in a grand “let’s reinvent the business” way, but in a practical, kettle-on, checklist-open way.
Here is where to start.
1. Finalise the FY26 close-out properly
Before jumping into FY27 planning, make sure FY26 is clean.
That means checking:
Bank accounts are reconciled to 30 June
Credit card accounts are reconciled
Supplier invoices are entered
Customer invoices are raised
Payroll records are complete
Superannuation records are up to date
Asset purchases have been reviewed
Outstanding debts have been checked
Stock, WIP or work-in-progress figures are confirmed, if relevant
This is also the moment to identify anything that needs attention before lodgement. Missing documentation, unallocated transactions and old suspense account items are small weeds now, but they become a financial jungle later. 🌿
For accounting practices, this is a useful time to remind clients that “close enough” records often create more work, not less.
2. Check payroll settings for the new year
Payroll is one of the first places to review when the new financial year begins.
From 1 July 2026, Payday Super rules begin, meaning employers need to pay superannuation contributions at the same time as wages, with contributions generally required to reach the employee’s nominated super account within seven business days. Fair Work also notes that employers should review payroll systems and business processes ahead of the transition.
In the first week of FY27, employers and advisers should check:
Pay rates
Award changes
Superannuation settings
Employee classifications
Leave accruals
Salary sacrifice arrangements
Payroll software updates
STP reporting settings
Payday Super readiness
For clients, this is a strong education opportunity. Payroll errors are rarely dramatic at first. They usually start as tiny misalignments, then multiply quietly in the spreadsheet cupboard.
3. Review your cash flow forecast
The first week of the financial year is a good time to build or refresh a 90-day cash flow forecast.
This does not need to be overly complicated. Start with:
Expected income
Known supplier payments
Wages and contractor costs
Tax obligations
Superannuation payments
Loan repayments
Insurance premiums
Software subscriptions
Major planned purchases
Seasonal slow periods
The goal is not to predict every dollar perfectly. The goal is to spot pressure points before they become late-night discoveries.
For many small businesses, July and August can feel deceptively calm after EOFY. A cash flow forecast helps business owners avoid mistaking “quiet” for “under control”.
4. Reset accounting software rules and access
Accounting software tends to collect small layers of clutter across the year.
Use the first week to check:
Bank feed connections
Receipt capture tools
User access
Two-factor authentication
Invoice templates
Payment terms
Chart of accounts
Repeating invoices
Automated coding rules
Payroll integrations
App integrations
Remove old users who no longer need access. Check that staff have the right permission levels. Confirm that automated rules are still accurate.
This is also a good time to review cybersecurity settings. Accounting firms and small businesses hold sensitive financial and identity data, so access control should not be treated as a “when we get around to it” job.
5. Review business insurance before the renewal rush
Insurance is easy to leave until the renewal email arrives. That is exactly why the first week of the financial year is a smart time to review it calmly.
For accounting practices, professional indemnity insurance is a core business protection. Abacus’s own strategy work identifies small accounting practices as time-poor, cost-sensitive and often looking for simple, compliant cover with clear support and easy renewal.
A practical first-week insurance review should include:
Current professional indemnity cover
Cyber insurance
Public liability insurance
Management liability, if relevant
Business interruption cover
Policy renewal dates
Claims history
Changes to staff numbers
Changes to services offered
New locations or remote work arrangements
Updated revenue figures
Professional body requirements
The aim is not to overcomplicate the process. It is to confirm that cover still reflects the business as it operates today, not the business as it looked three years ago.
6. Check cyber risk as part of your financial setup
Cyber risk is now part of financial risk.
For accountants, bookkeepers and professional services firms, this is particularly important because client records, tax file numbers, payroll details, bank information and business financials are highly sensitive.
Abacus research notes that many small accounting firms are increasingly looking to combine professional indemnity and cyber cover to reduce admin, improve continuity and create a simpler protection structure.
In the first week of FY27, check:
Who has access to client files
Whether multi-factor authentication is active
Whether passwords are stored securely
Whether backups are working
Whether staff know how to identify phishing attempts
Whether cyber insurance is in place
Whether incident response contacts are documented
Whether software subscriptions are still needed
A cyber review does not need to become a 40-page policy festival. Start with the basics. Lock the doors before polishing the brass nameplate.
7. Create a key dates calendar
Every business should start FY27 with a simple compliance and finance calendar.
Include:
BAS due dates
PAYG instalments
Payroll dates
Super payment dates
Insurance renewal dates
Loan review dates
Lease review dates
Subscription renewal dates
ASIC review dates
Tax planning meetings
Budget review dates
For accounting practices, this can also be adapted into a client-facing calendar or reminder sequence.
The best reminder is the one that arrives before panic has put on its boots.
8. Review pricing, fees and service scope
A new financial year is a natural point to review whether pricing still reflects the work being done.
For business owners, this may mean reviewing:
Hourly rates
Fixed-fee packages
Product margins
Supplier costs
Delivery costs
Software costs
Payment terms
Discounting habits
For accounting practices, this is also a good time to review client scope. Are clients receiving extra support that is not reflected in their agreement? Are advisory conversations being absorbed into compliance fees? Are there services that should be packaged more clearly?
FY27 should not inherit every underpriced promise from FY26.
9. Clean up debtors and payment processes
Start the year with a clean debtor review.
Look at:
Overdue invoices
Repeat late payers
Payment method options
Invoice wording
Reminder emails
Direct debit options
Upfront payment requirements
Deposit processes
Credit terms
The first week of the financial year is a good time to reset expectations with clients and customers.
Simple improvements can make a big difference, such as clearer invoice due dates, automated reminders and payment links. Cash flow loves boring systems. It thrives on them.
10. Set three financial priorities for FY27
Do not try to fix everything in July.
Choose three financial priorities for the year. For example:
Improve cash flow visibility
Reduce overdue invoices
Review insurance and risk exposure
Increase profit margin
Build a tax savings buffer
Move to monthly management reports
Improve payroll compliance
Separate business and personal expenses
Reduce unnecessary subscriptions
Three clear priorities are better than 19 vague ambitions wearing a spreadsheet hat.
11. Book the right conversations early
The first week of FY27 is a good time to book the conversations that often get delayed until things are urgent.
These may include:
Accountant review
Bookkeeper check-in
Insurance review
Payroll software review
Business planning session
Cybersecurity review
Finance or lending review
For accountants advising clients, this is a useful moment to shift the conversation from “what happened last year?” to “what needs to be cleaner, safer or more profitable this year?”
12. Make your renewal process easier now
For accounting practices, insurance renewal should not be a last-minute scramble. Abacus’s marketing and strategy discussions highlighted that many members renew automatically and value a trusted, simple and easy-to-renew solution. The same notes also flagged the importance of proactive reminders because failing to renew on time can leave practitioners without cover.
A useful FY27 setup task is to create a simple renewal file that includes:
Current policy documents
Renewal date
Broker or provider contact details
Claims history
Staff and revenue changes
Services offered
Professional body requirements
Cyber cover status
Key internal contact
That way, when renewal time arrives, the business is not rummaging through inbox archaeology.
Final thought: start clean, stay calm
The first week of FY27 does not need to be dramatic.
It is simply the right time to tidy the financial foundations, check the systems, review insurance, reset payroll and make sure the business is not starting the new year with old-year friction.
For accounting practices, it is also an excellent opportunity to help clients feel more organised, more confident and less reactive.
A calm financial year rarely happens by accident. It usually starts with a good checklist.
Need to review your professional indemnity or cyber insurance for FY27?
Abacus helps accounting professionals access professional indemnity insurance and related cover options designed for the needs of accounting practices.
If your practice has changed, grown, added services or simply needs a cleaner renewal process this year, now is a good time to review your cover.
