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Complete Your End Of Year Accounts - Be Prepared
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This month has seen the end of the tax year, which means you can prepare your end of year accounts (for those with a year end which co-terminates with the fiscal year). For most this is probably one of the most stressful jobs you will have to do this year, but don’t pull all your hair out – as accountants we are here to crunch the numbers, provide advice and do everything that is required to ensure you comply. This article has been produced to help you through the process and help make it a quick and painless process.
Of course, you need to check when your year end date is. Most individuals and many unincorporated businesses will have a year end at the same time as the tax year (fiscal year).
The first thing that you should do is to touch base with your accountant and ask them if there is anything specific that needs to be done this year that 1) either to make things easier; or 2) if there are any legislative or regulatory changes that may impact the preparatory work.
You may also want to share with your accountant your written business plan and financial business plan in order to provide them with ...
... an update of the business’ progress so that they can plan their work accordingly; and also plan for any complexities.
Generally the below list of items will be required:
1. Cash Book – it is assumed that you have maintained an analysis of all your business expenditure and income on a spreadsheet. Please check that this is complete and reconciles against your bank statement.
2. Purchase Invoices - for all tax sensitive items take copies of the invoices and cross reference these to the Cash Book. Tax sensitive items are legal fees; consulting fees; capital expenditure etc.
3. Balance Sheet Analysis – Analysis of all balance sheet items – ie list of trade debtors, other debtors, trade creditors, fixed assets; and stock listing.
4. Bank Accounts – Bank statements for all bank accounts (loans, overdrafts and current accounts) as at the year end date.
5. Tax – details and evidence to support tax paid and tax due.
6. Partnership agreements – should the business be a partnership then details of any new arrangements or drawings would be required.
7. Provisions – consider should there be a need for any provisions such as bad debt provisions or provisions for property dilapidations.
8. Depreciation – have you calculated the depreciation on your fixed assets?
There may be other documents or correspondence you need to supply to your accountant based on the type of business you operate; so refer to your accountant to be certain. Also, make sure you keep all the relevant documents are filed and cross referenced so you and your accountant can easily find them.
Your accountant can always provide advice as to the types of records required and how best to store them. It is also worth considering how you may back-up any data for security and business continuity purposes.
If you have not done so already - You may also want to consider asking your accountant to assist you with financial forecasting or to allocate one of their business plan writers to assist you with the written business plan.
Wisteria Chartered Accountants are professional business plan writers who can build a business plan around your business.
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