We prepare many year-end accounts for our clients and there are a number of administration and financial tasks that need to be done before we can help. It’s best to start planning for this as soon as possible.
We want to make sure that your year-end accounts process is as hassle-free as possible for the following reasons:
- Keeping on top of your bookkeeping and administration means that the processing of your year-end accounts will go smoothly.
- Reviewing your company’s performance before the year-end will allow you to manage your tax obligations more effectively and save you money in the long-term.
The main tasks that will help you prepare your year-end accounts are:
- Ensure all your sales invoicing is up-to-date.
- Resolve any customer and supplier queries where possible.
- Make sure all the company’s bookkeeping is up-to-date and that all balance sheet accounts have been reconciled.
- Keep final statements from all your suppliers.
- To qualify for tax relief, any fixed assets have to be purchased and brought into use before the end of your financial year.
- Charitable donations must be paid in full to the charities.
- Pay any pension contributions as soon as possible. Tax relief on pension contributions is given in respect of the period in which it is paid.
- Review directors’ loan accounts.
Other things to consider are whether you want to defer expenditure to improve your overall reported profits. Also you may want to ‘window-dress’ the results to make the company’s performance look as good as possible. This can be helpful if you are looking to access finance in the future.
The better prepared you are, the easier your life will be when it comes to your year-end accounts. We can help you get your numbers in order and provide advice on any areas which you may need our help. Please get in touch if you would like to discuss your year-end accounts in more detail.