Year-end refers to the end of your company’s accounting period. It is also known as an accounting reference date for limited companies. This is when you close your accounting period for the financial year and file the statutory year
- Prepare for your accounts throughout the year Do not leave it until the last minute to collate all the information required for your year end accounts. Prepare for it throughout the year. We suggest starting to work on your year end accounts a month before it is due so you can chase invoices and payments
- Gather relevant paperwork The paperwork you need to ensure you have is income records, bank statements, statements of account from suppliers, invoices and receipts.
- Chase late paymentsYou should chase any unpaid invoices before the reporting deadline and bank any payments you receive to ensure your accounts are as accurate as they can be.
- Sort any expenses Expenses will reduce your company’s profits meaning you will pay less corporation tax, so keep track of anything you spend.
- Double check your records Make sure that your records match your supporting documents. Also make sure that sales made but not yet paid for are listed as outstanding debts owed, rather than as revenue.
- Update staff records Make sure your staff records are up-to-date especially when it comes to payroll, benefits and expenses. You don’t want to have any mistakes relating to tax or National Insurance.
- Hire an accountant The easiest way to achieve year end reporting is to hire a good accountant who can get to know your business in depth. We offer this service of course. Year-end accounts.
- Be mindful of meeting the deadline for submitting your year end accounts
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- info@ayoksconsulting.com