The end of the year financial reports can be a daunting task unless you have the help of an accountant who is experienced with providing the reports that you need. As with all other aspects of running your company, you should never put off until the last minute anything that can be worked on ahead of time. If you work on keeping accurate records and handle all of the details as your financial year progresses you’ll find that your year-end work is not so stressful. Use the tips below to help you get ready for your year-end financial reports and documentation.
-
The experts at www.gsmaccountants.co.uk recommend that you take about two hours each week to begin to organise your finances. Begin with outstanding sales, invoices, and include them in your records.
-
Keep all bank statements and other financial documents organised so that you can get to them quickly. Organisation is the key to having all of the information that your accountant will need to do the paperwork for your company accurately. Ask the accountant what he needs early on in the year but make sure that you keep statements from your suppliers, all credit card and bank statements, and all of the records pertaining to the income that you got from your clients.
-
Review with your accountant exactly what you can claim on your Corporation Tax form. You will want to include all expenses no matter how small and any other items that you accountant deems appropriate and acceptable within the tax code. Save all receipts and proof of purchases so that your accountant can justify your deductions.
-
When your company has a VAT registration you should provide your accountant all copies of VAT returns. This will help to reconcile your balance and will assure you that you are within compliance with the HMRC.
-
Use a format for files and documents that your accountant prefers. If they want hard paper files, provide them with that type of documentation. If you can scan in receipts and statements and provide copies on a thumb drive to your accountant this may save time. It’s best to ask ahead of time so that you can copy receipts and statements throughout the year instead of having to copy these documents at the end of the year. It is also essential that you have copies of every bit of paperwork that you have so in case of loss or damage you will have the documentation that is required of your company. These files should be kept in a separate location from your workplace for safety and protection.
-
Before you submit any paperwork to your accountant, double check to see that everything is as accurate as possible.
Image Courtesy Arvind Balaraman / Freedigitalphotos.net