The tax year is coming to an end on 5 April, and so is the business year for many SMEs who have chosen to align their accounting to match the fiscal year.
This means they must complete a year-end report on how the company has performed over the past 12 months and then go on to file documents with the authorities, including submitting a tax return and annual accounts (also known as statutory accounts) with HMRC, and file additional documents with Companies House.
Here are three simple things you can do now to avoid the last-minute hassle of year-end reports:
1. Start a countdown
Countdowns are great because they give you an accurate reminder of how much time you have to complete a task. Although, for obvious reasons, a year-end report is not something you can complete in advance of the actual date, setting a countdown can get you started on chasing up unpaid invoices and purchase orders from clients, as well as expense forms from employees, before organising and recording the files in your accounting so your year-end accounts are as accurate as possible.
2. Check your data now
Run your accounting software’s data checking year-end routine now in order to flag any possible errors and tidy them up. You can run it on a regular basis during your countdown so you won’t be met with any last-minute surprises. You can also look into what your accounting software outlines as a year-end procedure. Xero, for example provides a 6-step checklist on their website. If you’ve run the data check and it is error free, it’s a good idea to export or create a backup of your data in case you need to restore it in the future.
3. Hire an accountant
Getting an accountant to help you manage your finances means you no longer need to deal with the stress of doing year-end reporting yourself. Using an accountant gives you more time to focus on the other things that are important to you, especially because you know you have left the work in the hands of the experts.
Look for an accountant that’s a good fit for what you need. An accountant doesn’t just compile your year-end report; they can help you with various small business accounting and audit services and business finance solutions.
Working with Berley
At Berley Chartered Accountants, we think your year-end accounts represent more than an opportunity to look back; they provide an opportunity to think forward. By analysing the numbers, we can show you the fastest route to future growth.
Call us today on 020 7788 8261 to see how our audit and accountancy services can put your company on the path to success.