How to get a step ahead of the financial year-end 

As we enter a typically quieter period of year for many, now is the ideal time to get your accounts in order to facilitate an efficient year-end process. By ensuring that you are prepared, you stand to save time and potentially money by minimising the time your accountant needs to spend reviewing your accounts.

If you are using accounts software, take time to review and ensure your accounts codes are consistent across transactions by taking time to review your transaction report.

Gather a file of documentation relating to unusual payments or receipts that may be queries – these can be attached digitally to transactions in accounts software too. Compile an up to date list of your debtors and creditors and cross-reference these with the reports from your software.

Make sure you have not over or underestimated your stock valuation quantities. When it comes to fixed assets, have you correctly distinguished between repairs and new expenditures for tax purposes?

Ensure you have also set accurate depreciation values for machinery and equipment. You will also need to supply your accountant with copies of bank loans and hire purchase agreements for precise interest and repayment entries.

Want a more definitive guide? Download our FREE Year End checklist via the link below, which contains details of the ‘best practice’ checks you can run before giving your accountant access to your data at financial year end. By correcting inaccuracies in your data before you send it, you will reduce the amount of time your accountant needs to spend picking up and resolving issues.