Preparing for your business year-end can be stressful! Check out our recommendations for making the process more efficient.
Part 2: At Year End
Keep these tips in mind when gathering your year-end records:
• Ensure all your bookkeeping is complete for the year and your accounts are reconciled.
• If you have inventory, perform an inventory count on (or very close to) the final day of your fiscal year.
• If possible, provide an electronic copy (back-up file) of your accounting software. If an electronic copy isn’t possible, your accountant can provide a list of the required reports.
• Provide your bank statements for the year, including the cleared cheque images. Your accountant will want to see the subsequent month’s statement to see if the outstanding items have cleared.
• Give your year-end info to your accountant with enough time to meet any reporting or tax deadlines you may have. Discuss this with your accountant.
