Preparing for Year End

 

For many small businesses, the preparation of year-end accounts can seem like a stressful experience that can drag on and therefore is often put on the back burner for business owners.  However, getting yourself ready for your year-end does not need to be a stressful experience, and with more and more businesses undertaking bookkeeping through cloud based accounting software, the process can be straightforward, resulting in less time required by you.

Here are some of our top tips for preparing yourself for year-end.

Set time aside beforehand
One of the more stressful areas for many clients is that finances are put on the back burner as long as there is money in the bank. By the time  the deadline for submitting accounts is looming, they are trying to recall events that in some cases occurred over twelve months ago, resulting in frustration on all parts. The earlier  you start to get your finances in order, the less work will be required after the year end. If you set aside time once a quarter, you will find that your workload come year-end is reduced.

Keep your records in order
If you are using a cloud accounting software such as Xero, you are given the option to keep copies of your invoices etc. alongside your source transactions; therefore, you will not need to keep all of the paper copies. If you are keeping records on another system, then paper copies should be kept in an appropriate order. If you are able to provide us with all required information from the outset, this will reduce the need for us to request additional information. There is no such thing as providing too much information.
Review your ledgers
You are in the best place to know what has happened in your business. Before passing on your information, it is a good time to review all your sales and purchases to make sure that everything is included. If you have paid for anything personally, highlighting it  makes the process a lot easier for your accountants.

Ask Questions
If you are unsure of what is required for your year-end accounts, then speak to your key contact at AAB. We are  here to help, and can provide different levels of support dependent on what your needs are.

These handy tips should help in getting ready for your year-end, avoid last day submissions and the stress that many associate with the year-end accounts. The Accounting Services team  at AAB can provide  support to make the process more streamlined, from simply preparing your accounts and tax to assisting with your finance function. For more information, please contact Catriona Love (catriona.love@aab.uk) or your usual AAB contact.