Financial Year-End Checklist

Financial Year-End Checklist | 2-minute read

With the financial year drawing to a close and dare we say it, Christmas just around the corner, now is the perfect time for businesses of all different shapes and sizes to start thinking about getting their financial records in order.

After all, a financial year-end checklist is essential for lots of different reasons. From ensuring that financial statements, such as the income statement and cash flow statement, are accurate and complete through to helping to ensure that all taxes

are calculated and paid correctly, a financial checklist is incredibly important and should become a top priority at this time of year.

At the same time, a financial year end checklist will also provide a clear picture of your  business’s financial performance, optimise risk management and offer accurate and timely financial reporting  to build investor confidence.  Ultimately, a financial year-end checklist will help to identify and correct errors before they become bigger problems.

If you are looking to tackle your financial records, you have certainly landed in the right place. We’ve created a helpful  checklist to help you to prepare for year-end:

 

Financial Records

• You should ensure that all of your bank statements are reconciled and up-to-date.
• Ensure that all receipts are organised and categorised accordingly.
• Verify payroll calculations, tax deductions, and statutory payments.
• All credit card statements should be verified and reconciled with your accounting records.
• Ensure that all invoices have been issued and payments have been received.

 

Tax Returns and VAT:

• All VAT Returns should be prepared and submitted on time.
• For Self-Assessment Tax Returns, it’s important that you make sure that all self-employed individuals file their returns.
• For your Corporation Tax Return, it’s important that all necessary information has been gathered and returned on time.
• Verify all payroll taxes have been paid.

 

Audit Preparation:

• Collect all relevant documentation for the audit.
• Review all financial records carefully.
• Respond promptly to any queries from the auditor without delay.

Year-End Accounts:

• Remember to always prepare a detailed profit and loss account.
• Prepare a cash flow statement that will allow you to gain a detailed insight into cash inflows and outflows.
• Prepare a detailed balance sheet.
• Ensure all bank accounts are reconciled to the general ledger.

What else should you consider?

• Ensure pension contributions have been made.
• Check that all insurance premiums have been paid.
• Check that all loan repayments are up-to-date.

And remember, at this point in the year, you should also take the opportunity to

make any necessary adjustments to your accounts so that they are accurate as  you prepare to step into a new financial year.

Although tackling your financial year end checklist can seem daunting and overwhelming, by following this checklist, you can ensure a smooth and stress-free financial year-end.

If you do require help with your accounts, you should consider employing the help of a professional accountancy firm.

 

Why choose React Accountancy?

At React Accountancy, we provide practical and value for money accounting services to our clients.

We have years of experience in the industry and are experts when it comes to dealing with Companies House and ensuring that our clients are fully compliant with the latest regulations.

We believe in providing a no jargon accounting service and have an open and honest relationship with our clients. Our accountants are dedicated to helping you make the most of your money.

From tradespeople to small businesses, and everything in between, we fully understand the complexities of accountancy and that’s why we offer a wide range of accounting services.

To find out more about how we can help, get in touch with the expert team today.

We provide our services across Manchester, Stockport, London, Birmingham, Cardiff, Bristol, Glasgow, Leeds, Nottingham, Leicester, Edinburgh, Sheffield, Bradford, Coventry, Liverpool and Belfast.

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