End of Year Accounts
End-of-year accounts provide a summary of your business’s financial activity over the year, including income, expenses, assets, and liabilities. They are essential for tax reporting, legal compliance, and understanding your business’s financial health.
Once complete we will provide you with a signed copy.
Below in more detail is what we need from you.
Obtain Records
If we handle your bookkeeping, we’ll already have everything we need. If you manage it yourself, we’ll need copies of all sales and purchase invoices—whether paid by bank or in cash—as well as a record of any business mileage throughout the year to complete your accounts accurately.
Bank Statements
We require a copy of your business bank statements for the full year to ensure all transactions are accurately recorded and that the final balance matches your own records.
Credit Agreements
When a new loan is taken out, we require a copy of the loan agreement for our records. This ensures the correct interest is claimed and the outstanding balance is accurately reflected on your balance sheet.
Accruals & Prepayments
Businesses often make or receive payments in advance, and it’s important these are recorded accurately in your accounts. To ensure this, we’ll need any supporting evidence so we can make the appropriate journal entries.
Stock
Stock (or inventory) includes goods you buy to sell or materials used to make products. At year-end, its value affects your profit by adjusting the cost of goods sold, and it appears as a current asset on your balance sheet. To report this accurately, we’ll need you to complete a stock take at the end of the year so we can include the true value in your accounts.
Work in Progress
If your business carries out jobs that span across financial year-end—such as ongoing projects or partially completed work—we’ll need details of any Work in Progress. This includes the value of labour, materials, and overheads used so far that haven’t yet been invoiced. Providing this helps us accurately reflect your income and costs in the correct accounting period.
Fixed Asset Review
At year-end, we need to review your fixed assets—such as machinery, vehicles, or equipment—to ensure they’re accurately recorded in your accounts. It’s important to inform us of any disposals or sales of assets during the year that are not showing in your bank statements, as these can be easily missed. Properly accounting for disposals ensures your records reflect the correct asset values and depreciation.
Trade Creditors & Debtors
To complete your accounts accurately, we need a detailed list of trade creditors (suppliers you owe money to) and trade debtors (customers who owe you money) at year-end. This helps ensure all outstanding amounts are correctly recorded, giving a true picture of your business’s financial position.