As we enter a quieter time of year for many, it’s the perfect opportunity to get ahead and organise your accounts. Taking the time now to review your financial records ensures a smoother and more efficient year-end process. By tackling any outstanding bookkeeping tasks and making sure everything is in order, you’ll be better prepared when deadlines approach.
Not only does this proactive approach save time, but it can also help reduce costs. The more organised your accounts are, the less time your accountant will need to spend on reviewing them. In turn, this means fewer fees and more control over your financial planning. It’s all about taking small, manageable steps now to make the year-end stress-free.
- 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? Talk to our team about 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.
