It’s the end of the financial year and it's 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 below will help you get prepared and help us complete your accounts for the end of the financial year.
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 information and data. However, we’ll still need the following information for each of your businesses:
- Your bank balance on 31 March
- Your Resident Withholding Tax Certificate
- Payroll records, unless we run your payroll for you
- Vehicle logbooks and mileage records
- The 31 March balance on any business loans
- Stock value at 31 March
- Dividends
- Accounts receivable and payable at 31 March
- Any bad debts you have written off
- Any other income you received during the year
Do you work from home? If so we will need the following information
- Rent or mortgage interest payments
- Insurance
- Power
- Water
It is also helpful if you can completely reconcile your accounts. If you’re stuck with a tricky refund, part payments or other anomalies, get in touch with the ilumin team and we can help you out.
The right information helps us to help you
Having all the necessary information helps us look closely at your accounts and helps us 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, resulting in you paying more tax than required.
On the flip side, you may also have paid too much provisional tax during the year, if your business had a tough time. Getting all of your information compiled means we can apply for a tax refund if you have overpaid, and adjust your provisional tax depending on your expectations.
It is also helpful to have your annual accounts completed so you can analyse how your business performed. You can compare the performance to previous years and think about what’s working and what’s not working in order to make better decisions for your business for the year ahead.
It takes time to generate accurate accounts
Lastly, although you may not read your accounts with a fine-toothed comb, we do! It takes considerable time, attention and energy to turn your business’s information into accurate annual accounts.
The ilumin team are happy to provide you with an update on how we’re going, so feel free to contact us and ask for an update at any time.
If you have any questions we are here to help! Contact us here for any questions or guidance on the end of the financial year.