End of year accounts
Why wait until the end of the year to submit your accounts?
Many small business owners don’t have a bookkeeper, and might not want one because they enjoy doing it themselves, but we are all guilty for pushing these types of tasks to the bottom of our to-do list until it gets round to January and we have to deal with 12 months’ worth of documents.
So I have put a few hints and tips together that can make yours or your accountants life that little bit easier when it comes to End of year accounts.
- Set time aside once a month to deal with your data
You can complete simple tasks like downloading a bank statement monthly, but if your months get busy it can be quarterly. Breaking up the workload will relieve some stress and make the process a lot easier and quicker at the end of the year.
- Download your bank statements as a PDF and CSV file
This means that all the information is already in hand to pass on to your account or for you to file for your tax return, having two different types of your statements will ensure you have everything you could need without the panic of going back trying to find statements.
- Use the ‘Rules’ feature in your emails, to avoid the reconciliation items piling up
Setting up Rules is a great way to file all of your important documentation automatically without being viewed, therefore you can head straight to that folder when it comes to doing your end of year. Ensure that you are downloading your documents at least quarterly to ensure that you don’t let it pile up.