Preparing for year end with the right accounting system
Let’s face it, the accounting year has a predictable rhythm, however that doesn’t make it any less stressful when the deadlines are imminently looming, in particular the dreaded financial year end.
Year-end success depends on strategic planning and robust processes. Prepare for the extra workload by implementing systems that mean invoices and expenses are all dealt with as they arise, rather than saving them all up for the end of the financial year.
Planning for year end: what you can do in advance
It is key to be prepared for year-end by having the correct system in place, keeping the workload balanced throughout the year, having the right processes and procedures in place so that when the time comes the workload isn’t immense and your responsibilities are met. Here we will show you how to stay on top of your year-end accounts, and how the right accounting software can help automate tasks and make life easier towards your financial year end closing.
- 1) Year-end success depends on strategic planning and robust processes.
Prepare for the extra workload by implementing systems that mean invoices and expenses are all dealt with as they arise, rather than saving them all up for the end of the financial year.
- 2) Checking it twice!
Use this checklist when preparing for year end:
- Check the key financial year-end tasks well ahead of time. You’ll need to be prepared to ensure that your tax return is dealt with and submitted on time, as well as any CRO documents.
- Check all business expenses have been submitted and are in order for VAT purposes
- Ensure all tax records are up to date
- Check all AP invoices have been received and all AR invoices sent. Check open invoices and any overdue/outstanding invoices.
- Ensure you have all relevant documentation in the right place.
- Ensure all year end statements have been posted and check balances
- Ensure you have the correct information to set next year’s budgets.
- Compare your goals at the start of the year with the end of year results. Is everything you set out to do at the start of the year done, or still a work in progress? If a work in progress, it must be recorded at year end.
How the right accounting software can help you with your financial year end
Common problems at year-end closing include missing documents, complicated prepayment and accrual calculations, and an increased workload leading to stress and human error. Preparing for year-end by installing the right accounting package can help alleviate many of these problems, allowing for faster, more accurate year-end closing.
Here are just some of the benefits of well-designed accounting software at year end:
- No more chasing up missing paperwork! Year-end documents and statements won’t have to be requested, because they are all on the system already and automated. Suppliers and customers can also access invoices and statements directly, as well as issuing their own, through an online portal.
- Live reporting during the year means that preparing for year end happens continuously. You’ll never be alarmed by your figures at the year end, as they have been monitored throughout the year.
- Reporting is made easy. With the right reporting packs pre-prepared, time spent on financial year-end closing is greatly reduced. Our advanced reporting means you can drill down easily to find exactly the right data.
- Automated prepayments and accrual journals means less journal entries at year end – a good accounting system will generate these monthly automatically.
- Having the right support in place for year end. AccountsIQ has 24/7 efficient and friendly customer support, with speedy responses by email – so you won’t be left hanging just when you need help the most.
Discover how AccountsIQ can transform your financial year end.