The end of the financial year can often sneak up on us. So it is always worthwhile to have a solid plan in place that details the ways in which you can simplify the process and avoid unnecessary stress.
Your year-end report needs to contain a selection of very specific information, including precisely how your business has performed over the last year. As this report can be shared with lenders and investors or used to plan for the future, it is essential this information is accurate.
Here are some steps to take right now to ensure you’re right on track.
1. Update your accounts
It isn’t a legal requirement to run the year end on the final day of the financial year. In fact, many businesses choose to hold off until all receipts and payments have been fully processed for the previous 12-month period.
However, this doesn’t mean that you should leave everything to the last minute. So, make it a habit to check that your accounts add up and address any potential issues as early as possible.
If you’re ever unsure about anything, Stroud accountants like the team that can be seen at www.randall-payne.co.uk/services/accountancy/stroud-accountants are on hand to help and advise.
2. Maintain accurate employee information
As HMRC will take an interest in your business expenses and payroll, you need to ensure that your employee information is accurate and up to date. Don’t forget, if any National Insurance or tax deductions are calculated incorrectly, it is your business and not your employees that will be liable.
3. Backup your data
The last thing you need as the end of the financial year is approaching is to realise that you’ve lost all your data. Create regular backups to ensure that you never lose any vital information.
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