Are you on top of what’s needed to file your financial year end accounts? We’ve just passed the end of the last tax year and now is a good time to start thinking about it.
Do I need to know what reports are needed?
Whether you already have an accountant or not, it’s helpful to have an idea what end of year reporting involves so you can make sensible decisions about how you resource it. You may keep your financial reporting in-house, outsource it all to an accountant, outsource some to an accountant or outsource some to a bookkeeper; or any combination of the above. What works best depends on your business.
If you don’t already, having both an accountant and a bookkeeper can help by reducing the load on your accountant. Bookkeepers (like ourselves) can prepare the primary reports and schedules that your accountant requires and generally charge a lower hourly rate than accountants.
This means your accountant can concentrate their time (and their chargeable hours) on higher level reporting and tax advice for you.
As bookkeepers we often have better day to day oversight of your finances and are in communication with you more frequently than your accountant, so we can answer your day to day finance questions more easily and make sure your accountant gets accurate, clean records.
Standard reports prepared for a small business
To give you an idea of how much work is involved have a look at the list below. Over the next couple of months we’ll write a short blog about each one so you know what it does and why you need it. They’ll be linked from here as we publish them:
- Bank account & company credit card reconciliation
- List of unpaid customer invoices (Aged Debtors list)
- List of unpaid supplier invoices (Aged creditors list)
- The value of your Inventory and Work in Progress
- Details of any assets or capital items purchased or disposed of during the year
- A detailed analysis of Sales Invoices issued
- A detailed analysis of all expenditure
- Details of staff payments and payroll
- A list of prepaid expenses
- A list of accrued expenses
If you’re worried about filing the correct financial year end reports for your business please do get in touch and ask us for some friendly advice. We’re happy to chat over a coffee, with no obligation. Contact Diane on 01825 763378 or firstname.lastname@example.org .