Year end is much easier when it is treated as a tidy-up and review, not a scramble to rebuild twelve months of records. A little preparation can save time, fees and stress.
Reconcile every bank account
Start by making sure the accounting records agree with the actual bank and credit card statements.
- Current accounts
- Credit cards
- Savings, loans and payment processors
Review unpaid invoices and bills
Aged debtors and creditors should reflect reality. Old items may need chasing, correcting or explaining.
- Unpaid sales invoices
- Supplier bills
- Credit notes and overpayments
Collect missing receipts
Missing paperwork slows year-end accounts and can affect expense claims.
- Ask suppliers for copies
- Upload paper receipts
- Explain any missing documents
Check payroll, VAT and tax accounts
Make sure payroll postings, VAT returns and HMRC payments agree with the bookkeeping.
- Payroll journals
- VAT control account
- PAYE and tax payments
Prepare accountant handover
Your accountant will work faster with organised records and notes on unusual transactions.
- Loan agreements and finance documents
- Asset purchases
- Director payments and personal spending explanations
Key takeaway
The cleaner the bookkeeping at year end, the easier it is for your accountant to prepare accurate accounts.
