Getting your books in order before the year-end doesn’t have to be stressful. A clean close sets you up for a smoother, smarter new financial year — and makes tax season far less painful. Here’s a practical, step-by-step checklist to get everything in order.
1. Reconcile All Accounts
2. Chase Up Open Items
3. Review Stock and Fixed Assets
Carry out a physical stock count and adjust your records for any dead or obsolete inventory. Review your fixed assets too — check depreciation calculations and record any disposals made during the year. Your “paper” value needs to match your “shelf” value.
4. Sort Accruals and Prepayments
Make sure costs are allocated to the right period. This includes recurring expenses like hosting fees and insurance. Leave clear notes for your accountant or bookkeeper to avoid any confusion at year-end review.
5. Prepare for Tax and VAT
Confirm your upcoming deadlines and ring-fence the funds you’ll need. Check for any allowable expenses or tax reliefs you may have missed — these can make a meaningful difference to your final bill.
6. Set Up Better Processes for the Year Ahead
Use year-end as a chance to improve how your business runs day-to-day. Standardise your invoice payment terms, automate reminders, and tidy up your chart of accounts. Consider building a month-end checklist and an owner’s dashboard so you always have a clear view of your finances.
Want a year-end plan tailored to your business?
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