How Can I Help My Accountant
The year end is upon us!! While year end accounts is the last thing on most people’s minds at this time of year, it can be a good time to carry out some tasks which will help you to be more prepared for your accountant. If, like most companies, you have a year end of 31st December, the following simple tasks can help to make the process smoother;
- If the company holds stock then a stocktake should be carried out at the year end. A detailed listing of the stock at the stocktake date should be kept for future reference. If your company is audited then arrangements should be made with the auditor for their attendance at the year end stocktake.
- A list of trade debtors at the year end should be printed and kept on file. There should also be a review carried out on this list to see if any of these debts are “bad” or “doubtful” debts.
- Bank statements for all bank accounts covering the year should be kept on file. Any missing statements should be requested.
- A list of trade creditors at the year end should be kept on file. Suppliers (high value, high volume and regular suppliers in particular) should be asked to provide supplier statements at the year end. These statements should be reviewed against the creditors listing and any differences should be reconciled.
- Contact your accountant to arrange a timeframe over which the accounts will be prepared. This should help to avoid missing deadlines or any unnecessary delays.