Financial Year End Success
With the end of the tax year swiftly approaching, many sole traders and businesses will be making preparations to avoid the tax pitfalls that so commonly arise. The end of the financial year, and the start of a new one, is the perfect time to reflect on business practices and more specifically improve your financial position for the tax year ahead.
As well as providing an opportunity to enhance your business and its financial status, the year end report is a statutory requirement. This report must provide an accurate review of the performance of your business and a plan for the future. Your year end report is integral to keeping your business on track, whilst potential investors, banks and lenders will also see this as essential reading. Despite the end of the tax year being almost upon us, it’s not too late to make some improvements. Read on to discover our top tips for making your financial year end a success.
Let the countdown begin
Ensuring financial year end success isn’t a quick job. Preparations can take weeks of planning and involve numerous staff members which makes scheduling tasks essential. Creating a year end countdown is an excellent route to planning ahead in a timely manner. Delegate tasks and brief employees whilst setting realistic deadlines.
Make sure everything is up to date
There’s nothing worse than scrambling for a last minute amount, invoice number, payment reference or payment status, so don’t leave anything to chance. Make sure your business accounts are complete for ultimate ease. Tie up any loose ends to ensure your accountant has all the information they need to generate the year end report quickly, easily and accurately.
We understand more than most that sometimes not all aspects of your accounts can be completed in time for the tax year end. If you are missing any information, i.e. you suspect an invoice hasn’t been paid, provide a note offering an explanation so year end preparations can go ahead as planned. It’s not just your business accounts that need to be up to date, your employee data must also be current. Payroll and expenses calculations must be accurate, and that’s your business’ responsibility, not your employees’. Keep track of expense claims ensuring that the correct receipts are provided by employees as evidence.
Don’t do it alone
You don’t have to prepare for the financial year end alone. Enlisting the help of a professional and experienced accountant (like us) means you can keep your accounts in order all year round making year end reporting even more seamless, straightforward and successful.
Here at Hurren Accountants, we deliver a wide range of accounting services, including assistance with annual accounts. Contact us today to discuss your requirements.