The SOS Bookkeeping team know that as your companies year-end date gets closer, there are a number of administrative and financial tasks to start planning for – so it’s a good idea to get yourself organised and ready.
There are multiple things to check before the end of your company’s financial year. Some tasks are simple administrative processes, while others involve a deeper dive into your accounts. But, on the whole, this is about getting on top of the planning and making sure your year-end is as hassle-free as possible.
The SOS Bookkeeping team have highlighted the main year-end tasks to add to your to-do list, all aimed at a stress-free year-end process:
- Make sure that you are able to put a correct value to the stock you hold in the business and on your current work in progress (WIP).
- Ensure all your sales invoicing is up to date and all jobs for the year have been billed out to customers.
- Resolve any customer (and supplier) queries, where possible. And, if it’s practical to do so, write off or provide for any bad or doubtful debts.
- Make sure all the company’s bookkeeping is up to date and that all balance sheet accounts have been reconciled.
- Prepare draft figures at least one month before the end of the year so that any last interim dividend declarations can be made.
- Keep final statements from all your major suppliers.
- Keep an extra copy of the last invoices for utilities and services, for cost accruals.
If you would like to discuss your business needs. Call SOS Bookkeeping on 01 849 5131 or email shane@sosbookkeeping.ie For the latest business/practice news, taxation/financial resources and our Newsletter, visit https://sosbookkeeping.ie/