Chapman Upchurchend of year accounts

What shape are your end-of-year accounts in?

The end of the financial year can be either stressful or a seamless part of what you do.

Ideally, your end-of-year accounts will confirm what you think your business has been doing for the past 12 months.

Be a good Scout to avoid end-of-year migraine

Being prepared is the key to avoiding end-of-year financial drama and stress.

  • First make sure you have all the documents we’ll need, such as PAYE statements, bank statements showing interest earned, dividend statements for shares, and receipts for expenses.
  • Don’t forget receipts for charitable donations.
  • Look at writing off old debts. Scrap redundant or worthless assets, so you get a deduction on your books.
  • Print out profit and loss, balance sheet and general ledger listing reports and store them safely.
  • Have a final look at your payroll reports. You don’t have to give summaries to your staff, but if you give them Earning Certificates, they can be used to check IRD information.
  • Note odometer readings on vehicles and ensure logbooks noting business and personal use, mileage and costs etc. are in order.
  • Dispose of obsolete stock by the year end or write it down to its net realisable value.
  • Talk to us on any planned dividend payments, as managing imputation credits will be important.
  • Finally, get us to work with you on reviewing your business plan and updating it for next year – and to review your accounting software.

We’ll probably adjust your reports or accounts. Once we’re done, lock all accounts relating to the financial year – and keep them secure.