Making sure that everything is as it should be when you hand over your books to your accountant each year in order for him to prepare your year-end accounts can be confusing; many people opt to err on the side of caution and do absolutely nothing, stuffing everything they can find into an assortment of carrier bags or boxes and depositing them on the accountant’s doorstep; others swing madly to the other extreme and have almost completed accounts ready for the signature of their accountant.

Plenty of people feel uncomfortable asking the simple question “what do you require of me?” maybe because they feel it will make them appear inexperienced, but in truth your accountant should take the time to explain exactly what they need.

So, what is the correct way to get your books and records ready for your year-end accounts preparation?

1. File your invoices in order and assign folio references.
2. Reconcile VAT and PAYE records for your bank.
3. Prepare control accounts for purchases and sales, accounting for all movements.
4. Comprehensively list all year-end debtors and creditors.
5. Prepare a list of all stock and work in progress.

Putting things in order in this way is not simply to make your accountant’s job easier, it will allow you to keep track of things and have things to hand when you need them; others may require your records in the future, everyone from your bank when you are trying to secure borrowing to HMRC if they are looking into your business; having records prepared in this way will give you ease of reference in future years.

To find out how we can help your business visit Accountants Harrogate