Preparing Your Business for Financial Year-End

Start before the year ends

Year-end is much easier when the last two months of the year are clean. Working through the checklist below in the final quarter avoids the January scramble.

A practical checklist

• Reconcile every bank account to the last statement
• Confirm all supplier invoices have been received and captured
• Review outstanding customer invoices and follow up
• Confirm loan balances and interest charges
• Check that asset purchases are documented
• Confirm employee and contractor payments are recorded
• Gather any correspondence with SARS or other institutions

The questions to answer

What did the business actually earn? What did it cost to operate? What is owed to the business, and what does it owe? Whatever the answers, having them documented changes the quality of your decisions next year.

Where statements fit in

Once records are reconciled, financial statements can be prepared for reporting, funding applications or management. Confirm which basis and which level of preparation your situation requires.

How we assist

We work from your records to prepare statements and supporting schedules, and we flag the items that need your attention before closing.

This article is general information and does not replace professional advice for your circumstances.