Get ahead of the game with your year-end accounts

If you’re preparing your year-end accounts, it’s worth having a checklist in place for the kind of information your accountant will need. Here are the SIX things you should try to resolve before setting everything in motion, writes James Tarr from our accounts and audit department.

Some small business owners leave pretty much everything related to the filing of accounts to their professional advisers, for understandable reasons. And with the transparency of cloud-based platforms such as Xero, Sage or QuickBooks, it’s easy for your accountant to find a lot of the information they need. Nevertheless, the more you can do in advance to make the process smoother, the easier it is for everyone! Here are half a dozen top tips – particularly if you haven’t fully made the transition to the cloud.

Gather together any relevant financial records

It’s important to find all your bank statements, invoices and receipts, along with credit card statements and payroll records. These are the building blocks that allow you to check that everything has been properly accounted for.

Reconcile your records

Make sure your bank statements and credit card statements have been reconciled in other words, check that your accounting software or spreadsheets match the details that appear on your bank account. Discrepancies are messy and can be time consuming to track down at a later stage.

Review accounts payable and receivable

If there are outstanding invoices and you’ve yet to receive payment, this might be a good time to chase them up. Equally, you should be making sure that all your suppliers have received the payment that is due for their work. This makes the year end process a lot neater and tidier.

Take stock

If you’re in a business that carries inventory, this is a good moment to undertake a physical check on stock and ensure that it matches up with your records. You’ll then be in a position to assess the value of what you own, taking account of obsolescence and provisions.

Consider your fixed assets

If you keep a register of fixed assets, now is the time to review it. Again, it provides an opportunity for calculating and recording depreciation as well as any assets you have sold or scrapped.

Think about tax

Are you completely up to date with your VAT payments? Have they been properly filed and reconciled in your accountancy software? You can also start planning for your next corporation tax bill and ensuring any deductions and allowances are correctly applied. Make sure you have enough money stored away to pay your expected tax bill once it is due.

If you’d like support and advice on the process, all it takes is an email or quick call.

You can contact Page Kirk at enquiries@pagekirk.co.uk or by phone on 0115 955 5500.

“Since joining Page Kirk in 2015, I’ve progressed to HR Manager, leading recruitment, policies, communications, and staff support across the firm.”

The Page Kirk team ensures all content is accurate, fact-checked, and aligned with current financial standards.

The Page Kirk team ensures all content is accurate, fact-checked, and aligned with current financial standards.

“Since joining Page Kirk in 2015, I’ve become HR Manager, overseeing recruitment, policies, communications, and staff support.”

The Page Kirk team ensures all content is accurate, fact-checked,
and aligned with current financial standards.

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