What to Review Before Your Year-End Closing

Year-end closing runs smoother when the groundwork happens throughout the year instead of at the last minute. These are the areas your accountant will want to go through with you before the financial year closes.

Reconcile What You Owe and What You Are Owed

Make sure open invoices match reality. Anything already paid, or that will never be settled, should be cleared before the year closes so the result reflects how the business actually stands.

Get Your Accruals in the Right Period

Costs and income belong in the period they relate to. Insurance, rent, and subscriptions that run across the turn of the year need to be split correctly for the result to hold up.

Gather Receipts and Paperwork Early

Complete documentation makes the closing faster and calmer. Keep receipts, contracts, and bank statements in one place so nobody is chasing paper when the figures need to add up.

Kept up through the year, closing turns into a review rather than a scramble. Reach out if you would like us to look at your situation before the year turns.