A clear, step-by-step checklist to pull your records together before year end so filing is fast, accurate, and stress-free.
Year end does not have to be stressful. Most of the pressure comes from leaving things until the last minute and then hunting for missing paperwork. A little preparation makes the whole process faster, cheaper, and far more accurate. Here is a simple checklist to get your records in order.
Pull your records together
- Gather all sales invoices and confirm which have been paid and which are still outstanding.
- Collect every purchase invoice and expense receipt for the year, including anything paid personally on behalf of the business.
- Download your bank statements covering the full accounting period and reconcile them against your records.
- List any money owed to you (debtors) and money you owe (creditors) at the year-end date.
Tidy up the detail
- Note the value of any stock you held at the year-end date.
- Record business assets you bought during the year, such as equipment or vehicles.
- Check for any payments that cover more than one year, such as insurance or subscriptions, so they can be apportioned correctly.
- Flag anything unusual or one-off so it can be explained rather than queried later.
Make next year easier
The businesses that find year end painless are the ones that keep on top of their bookkeeping throughout the year. Reconciling regularly, keeping digital copies of receipts, and separating business and personal spending all mean that, when year end arrives, almost everything is already in place.
If you would like a hand getting ready, or you would simply rather hand the whole thing over, our team can take care of your year-end accounts from start to finish. Get in touch and we will make filing fast and stress-free.
