End of financial year checklist

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It’s nearly the end of the financial year – time to start thinking about your annual accounts. What do you need to pull together so we can get it right and help your business succeed? Our end-of-year checklist will help.

It’s almost the end of the financial year

It’s time for us to start working on your annual accounts, so we’ll need some information from you to help us complete your accounts.

What do we need from you?

If your business is already linked to us through your online accounting platform (like Xero), the good news is that we already have most of this data. However, we’ll still need the following information for each of your businesses:

- Your bank balance on 31 March 2024

- Your Resident Withholding Tax Certificate

- Payroll records, unless we run your payroll for you

- Vehicle logbooks and mileage records

- The 31 March 24 balance of any business loans

- Stock value at 31 March 24

- Dividends

- Accounts receivable and payable at 31 March 24

- Any bad debts you’ve written off

- Any other income you received during the year

Do you work from home?

If so, we’ll also need some information about:

- Rent or mortgage interest payments

- Insurance

- Power

- Water (if applicable)

Time to reconcile your accounts

It’s also helpful if you can completely reconcile your accounts. If you’re stuck with a tricky refund, part payment or other anomaly, just get in touch and we can help sort it our for you.

The right information helps us to help you

Having all the necessary information helps us look closely at your accounts and make sure you’re not paying too much tax. For instance, if we don’t know about your expenses, we won’t be able to offset them against your income, so you’ll pay more tax than required.

On the flipside, you may also have paid too much provisional tax during the year if your business had a tough time. Getting all your information together means we can apply for a refund if you’ve overpaid, and adjust your provisional tax depending on your expectations.

It’s also helpful to have your annual accounts completed so you can analyse how your business performed. You can compare it to previous years and think about what’s working, and what isn’t, so you can make better decisions for the year ahead.

It takes time to generate accurate accounts

One last note – although you may not read your accounts with a fine-toothed comb, we do! It takes considerable time, attention and energy to turn your massive pile of paperwork into accurate annual accounts.

We’re happy to provide you with an update on how we’re getting along, so feel free to ask at any time. For questions, clarification or assistance, just drop us a note or give us a call, we’re here to help.