End of Financial Year Warehouse Tips for Australian Businesses

As the end of the financial year (EOFY) approaches on 30 June, many Australian businesses find themselves juggling EOFY offers, group certificates, inventory offloading, and government tax incentives while managing their regular workload. For warehouses, this period can be particularly challenging. At Tradesales, we understand the importance of preparation, especially for those utilising heavy-duty storage systems and workshop equipment. Here are some tips that not only ensure a smooth transition into the new financial year but also empower you to take control of your warehouse operations.

Stocktake: An Essential Process For Warehouses

Stocktake can feel overwhelming, but it is a crucial and urgent task to maintaining an organised and efficient warehouse. Legally, businesses with an annual turnover of $10 million or more must provide an EOFY stocktake to the ATO. However, even if your business falls below this threshold, conducting a thorough stocktake is a necessity that can significantly benefit your operations.

Benefits of Stocktake:

• Helps keep track of inventory, assisting sales teams.
• Ensures accurate reporting for tax purposes.
• Keeps you prepared for potential ATO audits.

Review and Optimise Your Layout

Use the stocktake process as an opportunity to review your warehouse layout. Your warehouse's function may have evolved over time, and it's essential to ensure that your layout still meets your current needs.

Tips for Optimising Layout:

• Involve your staff in identifying inefficiencies and suggesting improvements.
• Rearrange stock to reduce time wastage and improve safety.
• Ensure high-selling products are easily accessible.

Enhance Processes and Performance

EOFY presents an ideal time to reassess your warehouse processes and overall performance. This is a prime opportunity to implement new strategies and technologies that can lead to significant improvements in your warehouse operations.

Improvement Strategies:

• Digitisation: Consider labelling and allocating items with the goal of using scanning implementation and efficient item placement to improve productivity.
• New Equipment: Take advantage of ATO schemes like the Instant Asset Write-Off to upgrade your equipment, reducing downtime and increasing efficiency.

Prepare for warehouse Stocktake

Preparation is critical to a successful stocktake. Ensure your warehouse is organised, and all stock is in the correct place.

Preparation Steps:

• Move Stock Efficiently: Use forklifts for heavy items and trolleys such as our Heavy-Duty Warehouse Trolley for smaller items to ensure everything is in its correct place.
• Ensure Accessibility: Utilise ladders and safety steps to reach high shelves safely and efficiently.
• Organise and Label: Clearly label shelves and create well-defined sections to prevent confusion and miscounts. Consider using shadow boards and louver panels to tools and small parts bins to boost efficiency and safety.

Utilise the Right Storage Solutions in your warehouse

Choosing the proper storage solutions can make a significant difference in the ease and accuracy of your stocktake.

Recommended Storage Solutions available from Tradesales:

• Tradespan Shelving: Ideal for large items, providing easy access and organisation.
• Tilt-tray Racks: Perfect for loose items, making them easy to locate and count.
• Heavy-Duty Storage Cages: Great for larger parts, with swing door options available to reduce manual handling risks. It can also be moved around the warehouse using a forklift and stacked when not needed.

Maintain an Organised Warehouse

Keeping your warehouse tidy and organised is crucial for an accurate stocktake.

Organisation Tips:

• Label Shelves: Use magnetic labels for flexibility and ease of reorganisation.
• Define Sections: Separate different categories of products to prevent mix-ups and simplify stocktaking.

Plan for New Opportunities

EOFY is also a time to explore new opportunities. Stay informed about ATO schemes and other incentives that can benefit your business.

Opportunities to Consider:

• Instant Asset Write-Off: Invest in new equipment to improve your operations.
• Government Incentives: Take advantage of tax breaks and other incentives to maximise your resources.

Conclusion

Preparing your warehouse for the EOFY can significantly impact your business's efficiency and accuracy. At Tradesales, we're here to help with a wide range of heavy-duty storage systems and workshop equipment tailored to meet your needs. For more information on our products or to speak with our expert team, visit our website or contact us today.

Disclaimer

Please note that this information is a guide only and should not be interpreted as financial advice. For specific needs, consult your accountant or business advisor.