By Alicia Nell
The end of the year isn’t only about holiday festivities—it’s also a time for businesses to take stock (literally and figuratively) and set the stage for a successful new year. Wrapping up your financials doesn’t have to be daunting. With a little planning and a handy checklist (like this one from Accountuit), you’ll glide into the new year feeling organized and stress-free. So grab your favourite cup of coffee, and let’s dive into the essentials!
Reviewing outstanding debtors and creditors.
Updating inventory records.
Ensure your accountant has all the necessary bank statements.
Confirm that all payroll information, including tax deductions and benefits, is accurate and up to date.
Document any prepaid expenses and accruals.
Review all fixed assets to ensure that any disposals or purchases were recorded.
Plan and prioritize with your accountant. Take the time to review your taxable income, upcoming VAT and provisional tax obligations, and overall financial performance. Discuss with your accountant where to place your focus – whether it’s setting aside funds for tax payments, analyzing profit and loss trends, or planning strategic goals to end your financial year. This ensures that you’re prepared for any possible financial obstacles and can navigate them with confidence.
By ticking off this checklist, you’ll wrap up your financial year with ease and step into the new one with purpose.
From all of us at Accountuit, here’s to a successful year ahead!
By Alicia Nell (Accountuit's Senior Accountant)
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