How you can help us to be more efficient with producing your end of year accounts and tax returns – so we can keep the costs down for you?
We understand that most people only have their accounts and tax returns done because they have to; it’s not a favourite expense of the business and you often don’t understand the time and cost it takes.
There’s a certain amount of work we just have to do in preparing your annual accounts and tax returns. I spelt some of it out in my last blog.
It is possible for you to help make this process more efficient, therefore quicker and cheaper.
We send you a checklist with a list of the information we require. Most of this is around compiling the working paper file to support your balances.
- Make sure your bank reconciles to your accounting system. If you prepare a spread sheet cashbook and the totals don’t agree to the bank statement, we have to go through and find the difference. Even in straight forward systems like Xero there can be items that sit as unreconciled in the bank account. Check the bank reconciliation report. If you need help fixing these up, we’re happy to give you some training.
- The same applies to any other operating systems you use. For example a stock system or fixed asset system. It needs to agree to your accounting system, or we have to find the difference.
- Provide bank statements as at the balance date, for all bank accounts, credit cards and bank loans.
- If you only keep cash records through the year we need to pick up all amounts owing to you and by you at the end of the year, provide us with a list.
- Take a physical stocktake at balance date. If you have a computerised stock system, compare the totals. It’s the cost of that stock we’re after, not your selling price.
- If you’ve had any unusual transactions bring them to our attention and provide supporting documentation.
- Provide copies of all invoices requested. Generally this is around being able to prove the cost of an asset, or why an expense in repairs and maintenance or computer expenses is not a fixed asset. It also helps make sure we list the asset correctly on your asset list and claim as much depreciation as we can.
- Provide details of any loans or hire purchases taken out during the year.