Good preparation makes year-end accounts easier to complete. Agree with us which records you will provide, which schedules you can prepare and what we will handle.
Set a timetable for delivering the information and discussing the completed accounts. Every business is different, so use this list as a starting point for that conversation.
Keep the underlying records organised
Make invoices easy to find, analyse receipts and payments consistently, and check that the books balance. If you use cloud bookkeeping, agree how we will access the records and supporting documents.
Regular bank reconciliations help identify differences between the accounting records and bank statements. Customer and supplier balances should also agree with the detailed lists of outstanding invoices.
Gather the year’s information
Depending on your records system, we may need:
- Access to accounting records or an agreed export.
- Cash and petty-cash records.
- Sales and purchase invoices and ledgers.
- Bank statements and relevant payment records.
- VAT returns and supporting calculations.
- Payroll records and PAYE information.
- New loan and hire-purchase agreements.
- Details of business income or spending outside the business bank account.
Records for the period immediately after the year end can help explain outstanding balances. Agree what is needed rather than assuming the year-end date is the last useful statement.
Prepare supporting schedules
Useful year-end information includes:
- Asset purchases with supporting invoices.
- Stock held and work in progress.
- Customers who owe money, how old the debts are and any doubtful amounts.
- Amounts owed to suppliers.
- Reconciliations for bank and cash accounts.
- VAT and PAYE balances.
- Explanations of significant or unusual expenses, including repairs and entertainment.
Discuss stock valuation and doubtful debts with us rather than making an unsupported adjustment.
Resolve questions early
Tell us about anything unusual during the year and include information you think may be relevant. We can agree which schedules you are comfortable preparing and complete the rest.
Clear records reduce time spent tracing transactions and leave more room to discuss what the figures mean for the business.