posted by hot news on Oct 26
This is an overview of the information and paperwork to provide for your accountant to enable them to complete the year end accounts with regard to your organization.
It is important to keep in mind that the more you can do before handing over to your accountancy firm the less money it will cost you. You really should have discussed with the accountant when hiring who was going to do what, how the information will most likely be supplied etc. Each accountants birmingham and company is different so you must have a talk early on in the working relationship to erradicate any kind of misunderstandings and to possess a timetable of when you really need to give your accountant with the necessary information.
The following are some simple things that can be done to assist your accountant and lower your costs. It is not essential and some might not be appropriate to you.
Filing your invoices, bank statements, loan agreements etc in a way that those items can be simply found.
Adding up and balancing your books either manually or via your accountanting software..
Analysing your payments and receipts, noting any items you want an accountant to pay particular attention to.
Completeing a bank reconciliation (or several through the year) that reconciles the balance on your bank statements. Only carry out this task if you feel confident to do this.
This is a non exhustive listing of info and documentation to supply an accountant. Again some of the items will not be relevant to your organization and this should have been talked about already with the accountant. Make sure you supply a years worth of each.
A backup or accountants copy of your respective accounts software for the year if you use a software program
A summary of debtors at the year end and just how long they have been outstanding
A list of fixed assets as well as any additions with copy purchase invoices provided.
A list of trade creditors at the year end and how old they are.
A full year end stock list. Information on work in progress at the year end.
Any ledgers which you keep.
Bank statements.
Cheque books and paying in stubs.
Copies of any new loan or HP agreements obtained in the past year.
Copies of VAT returns covering the year along with any workings.
Information on any business income or expenditure that did not go via your small business bank account.
Details of PAYE owed at the year end.
Information on VAT owed at the year end.
Petty cash records.
Purchase invoices.
Purchase ledger control account reconciliation.
Reconciliations for all bank and cash accounts.
Sales and purchase day books.
Sales invoices.
Sales ledger control account reconciliation.
Your cash book.
Your payroll records for that year along with details of PAYE calculations for payments to the Inland Revenue.
Anything else you feel could be relevant – if in doubt include it.
Ensure you package and label all the items clearly so that your accountant can find and review them easily. Don’t forget the more the accountant has to do the more it is likely to set you back!